Brexit centre

The decision of the UK people to leave the European Union is one of the most significant events to occur in the history of the EU. Because of our geographic, social and economic ties with the UK, Ireland will experience the greatest impact of this decision among EU countries. The land border makes the situation particularly onerous. Ireland currently operates a trade surplus with the UK and customs checks and controls are increasingly likely.

Chartered Accountants Ireland

Upcoming Events

Brexit Customs Level 1- Cork
Oct 22
Cork

In association with the Irish Exporters Association ("IEA"), this course provides participants with insights of how to manage their dealings with EU customs efficiently and is the first of two customs training sessions being delivered. 'Brexit Customs Level 1' will run in the morning and participants can book either the morning, or afternoon session, or both. Courses are being run in Belfast, Derry, Dublin and Newry.

Location:
Cork
Dates:
Brexit Customs Level 2- Cork
Oct 22
Cork

In association with the Irish Exporters Association ("IEA"), this course provides participants with insights of how to manage their dealings with EU customs efficiently and is the second of two customs training sessions being run in association with the IEA.'Brexit Customs Level 2' will run in the afternoon and participants can book either the morning, or afternoon session, or both. Courses are being ran in Belfast, Derry, Dublin and Newry.

Location:
Cork
Dates:

Latest Brexit news

Brexit

With a new Brexit deal on the horizon, read a summary of its key features in this week’s bulletin. The Brexit deal explained Following two days of intensive negotiations, a Brexit deal was agreed upon yesterday between the UK government and the EU. Here’s a summary of the commercial elements of the deal which has yet to be passed by the parliaments of both the UK and the EU: Customs arrangements On the issue of customs, Northern Ireland will remain part of the UK’s customs territory. Goods entering Northern Ireland from Great Britain will be checked to ensure EU rules are maintained and duties charged if the goods are at risk of subsequently being moved into the EU. Where goods remain in Northern Ireland or re-enter the rest of the UK, traders in Northern Ireland could claim back the difference, in the form of a rebate of the duties paid. If products are transported on from the Northern Ireland to Ireland, or other parts of the EU, no rebate could be claimed. VAT The issue of how Value-Added Tax (VAT) will be applied in Northern Ireland after Brexit was one of the last holdups in the negotiations for a deal.  EU rules on VAT and excise duties will apply in Northern Ireland, with the UK authorities responsible for their collection. The UK may apply VAT exemptions and reduced rates applicable in Ireland to supplies of goods moving across the island of Ireland by way of derogations. The Protocol states that they, “intend to mutually recognise the trusted traders' programmes, administrative cooperation in customs and VAT matters and mutual assistance, including for the recovery of claims related to taxes and duties”.   What’s Next? This deal still has to be ratified. For up to date analysis make sure to read the Brexit Bulletin in Monday’s tax newsletter. Subscribe here. Brexit preparedness resources Brexit Customs Level 1 and 2 – CPD course Chartered Accountants Ireland, in association with the Irish Exporters Association, has launched a brand new continuous professional development (CPD) course - Brexit Customs Level 1 and 2 in both the Republic of Ireland and Northern Ireland. This course provides participants with insights into how to manage their dealings with EU/International customs efficiently and explores areas such as goods classification, origin, valuation and transit.  Interested parties can visit the CPD Brexit programmes page of our website to learn more and register for the upcoming course in Cork.   Guidance video: Single Administrative Document Chartered Accountants Ireland has released a quick guidance video on how to fill out the Single Administrative Document, which will be a requirement for making customs declarations post-Brexit by both Irish/UK traders to trade with the UK/EU respectively. Visit www.charteredaccountants.ie/brexit/customs to watch the video.   HMRC – Customs funding The UK government have announced additional funding to support businesses with the costs of making customs declarations. Businesses based in, or with a branch in, the UK can apply for funding ahead of the UK leaving the EU. Grants can be used to support: training costs for businesses who complete customs declarations, or who intend to in the future funding for IT improvement, which is available to small and medium sized employers who are currently involved in trade as an intermediary Applications can be made online, with the grant being offered within 30 days of applying.    Irish Government Brexit Supports The Department of Business, Enterprise and Innovation have released several Brexit preparedness supports, including the Brexit preparedness checklist, the Brexit Loan Scheme and the Getting Business Brexit Ready guide. For the full range of supports for businesses, visit the Department’s website.   Read all our updates in our Brexit web centre and our page dedicated to no-deal Brexit planning.      

Oct 18, 2019
Brexit

  This week read about the Taoiseach and UK Prime Minister Boris Johnson’s Brexit discussions. Also, read an analysis of the €1.2 billion Brexit contingency package announced in the Irish Budget 2020. Taoiseach and UK Prime Minister Boris Johnson believe Brexit deal is possible In an official statement following a meeting held between Taoiseach Leo Varadkar and UK Prime Minister Boris Johnson last week, both parties have agreed that a Brexit deal is possible. They have agreed to engage on the matter further and have also stated their investment in further strengthening bilateral relations. As Brexit talks between the EU and UK resume in Brussels today, Tánaiste and Minister for Foreign Affairs Simon Coveney has said that a Brexit deal could be possibly agreed on early this week.   Irish economy faces high risk of recession, warns Central Bank In their Quarterly Bulletin published last week, the Central Bank has forecasted that the Irish economy could potentially slip into recession if the case of a a no-deal Brexit. The report has predicted disruption to trade, high impact on the agri-food sector, and 73,000 fewer jobs in Ireland over the next two years. However, the bank also reassures that while the economy will begin to recover in 2021, Brexit will have a long-term impact.   Budgeting for Brexit: €1.2 billion announced to support businesses With the 31 October Brexit deadline just over three weeks away, it’s no surprise that Budget 2020 was dubbed the ‘Brexit Budget’. With the prospect of a no-deal Brexit looming large, the Minister has announced a contingency package of €1.2 billion (excluding EU funding) to respond to the challenges Brexit presents, out of which €200 million is guaranteed. With €650 million to be made available to support the agriculture, tourism and enterprise sectors, there is an additional €500 million set aside from the ‘Rainy-Day fund’. The funding will be released in two waves, by priority: First wave: Targeting “most affected” businesses, where €110 million will be deployed to support businesses of all sizes with a particular focus on food, manufacturing and internationally traded services. These businesses are referred to as “vulnerable but viable”.   Second wave: In the event of a no-deal Brexit, an additional €110 million will be provided through the Department of Agriculture. The beef sector has been highlighted as the priority, with €85 million of promised support, followed by the fishing industry, with a €14 million allocation. In addition to the supports previously available for Brexit, new supports will also be made available in the form of a variety of grants, loans and equity investments, including: • a €45 million Transition Fund; • a €42 million Rescue and Restructuring Fund; • an €8 million Transformation Fund for Food and Non-Food Businesses; • €5 million extra for Micro Finance Ireland; • €5 million for a Local Enterprise Offices Emergency Brexit Fund; • €2 million extra for Intertrade Ireland; and • €3 million extra for regulatory bodies. An additional €40 million of funding will be provided for the tourism sector from the €650 million contingency to help mitigate the impact of a no-deal Brexit (especially in the border counties), make Ireland more accessible from overseas markets and support activities for targeting key markets such as the UK, North America and continental Europe. The allocation of remaining €390 million will be determined closer to the time. Furthermore, it seems there will be another €365 million provided for social protection expenditure and related schemes with a further €45 million made available to assist with the creation of new jobs and opportunities. However, as the Minister explicitly pointed out, if a no-deal Brexit does not occur, no additional funding will be secured.   Brexit preparedness resources   Brexit Customs Level 1 and 2 – CPD course   Chartered Accountants Ireland, in association with the Irish Exporters Association, has launched a brand new continuous professional development (CPD) course - Brexit Customs Level 1 and 2 in both the Republic of Ireland and Northern Ireland.   This course provides participants with insights into how to manage their dealings with EU/International customs efficiently and explores areas such as goods classification, origin, valuation and transit.    Interested parties can visit the CPD Brexit programmes page of our website to learn more and register for the upcoming course in Cork.     HMRC – Customs funding   The UK government have announced additional funding to support businesses with the costs of making customs declarations. Businesses based in, or with a branch in, the UK can apply for funding ahead of the UK leaving the EU. Grants can be used to support: training costs for businesses who complete customs declarations, or who intend to in the future funding for IT improvement, which is available to small and medium sized employers who are currently involved in trade as an intermediary   Applications can be made online, with the grant being offered within 30 days of applying.    Irish Government Brexit Supports The Department of Business, Enterprise and Innovation have released several Brexit preparedness supports, including the Brexit preparedness checklist, the Brexit Loan Scheme and the Getting Business Brexit Ready guide. For the full range of supports for businesses, visit the Department’s website.   Read all our updates in our Brexit web centre and our page dedicated to no-deal Brexit planning.

Oct 14, 2019
Brexit

  This week read about the Taoiseach and UK Prime Minister Boris Johnson’s Brexit discussions. Also, read an analysis of the €1.2 billion Brexit contingency package announced in the Irish Budget 2020. Taoiseach and UK Prime Minister Boris Johnson believe Brexit deal is possible  In an official statement following a meeting held between Taoiseach Leo Varadkar and UK Prime Minister Boris Johnson yesterday, both parties have agreed that a Brexit deal is possible. They have agreed to engage on the matter further and have also stated their investment in further strengthening bilateral relations. Additionally, speaking after delivering the Brexit-heavy Budget 2020, Minister for Finance Pascal Donohoe has said that he does not want the return of customs checks and tariffs in Ireland, and that the Government is committed towards finding an alternative arrangement.   Budgeting for Brexit: €1.2 billion announced to support businesses With the 31 October Brexit deadline just over three weeks away, it’s no surprise that Budget 2020 was dubbed the ‘Brexit Budget’. With the prospect of a no-deal Brexit looming large, the Minister has announced a contingency package of €1.2 billion (excluding EU funding) to respond to the challenges Brexit presents, out of which €200 million is guaranteed. With €650 million to be made available to support the agriculture, tourism and enterprise sectors, there is an additional €500 million set aside from the ‘Rainy-Day fund’. The funding will be released in two waves, by priority: First wave: Targeting “most affected” businesses, where €110 million will be deployed to support businesses of all sizes with a particular focus on food, manufacturing and internationally traded services. These businesses are referred to as “vulnerable but viable”. Second wave: In the event of a no-deal Brexit, an additional €110 million will be provided through the Department of Agriculture. The beef sector has been highlighted as the priority, with €85 million of promised support, followed by the fishing industry, with a €14 million allocation. In addition to the supports previously available for Brexit, new supports will also be made available in the form of a variety of grants, loans and equity investments, including: • a €45 million Transition Fund; • a €42 million Rescue and Restructuring Fund; • an €8 million Transformation Fund for Food and Non-Food Businesses; • €5 million extra for Micro Finance Ireland; • €5 million for a Local Enterprise Offices Emergency Brexit Fund; • €2 million extra for Intertrade Ireland; and • €3 million extra for regulatory bodies. An additional €40 million of funding will be provided for the tourism sector from the €650 million contingency to help mitigate the impact of a no-deal Brexit (especially in the border counties), make Ireland more accessible from overseas markets and support activities for targeting key markets such as the UK, North America and continental Europe. The allocation of remaining €390 million will be determined closer to the time. Furthermore, it seems there will be another €365 million provided for social protection expenditure and related schemes with a further €45 million made available to assist with the creation of new jobs and opportunities.   However, as the Minister explicitly pointed out, if a no-deal Brexit does not occur, no additional funding will be secured.   Irish economy faces high risk of recession, warns Central Bank In their Quarterly Bulletin published yesterday, the Central Bank has forecasted that the Irish economy could potentially slip into recession if the case of a a no-deal Brexit. The report has predicted disruption to trade, high impact on the agri-food sector, and 73,000 fewer jobs in Ireland over the next two years. However, the bank also reassures that the economy will begin to recover in 2021 but warns Brexit will have a long-term impact.   Brexit preparedness resources   Brexit Customs Level 1 and 2 – CPD course Chartered Accountants Ireland, in association with the Irish Exporters Association, has launched a brand new continuous professional development (CPD) course - Brexit Customs Level 1 and 2 in both the Republic of Ireland and Northern Ireland. This course provides participants with insights into how to manage their dealings with EU/International customs efficiently and explores areas such as goods classification, origin, valuation and transit.  Interested parties can visit the CPD Brexit programmes page of our website to learn more and register for the upcoming course in Cork.   HMRC – Customs funding The UK government have announced additional funding to support businesses with the costs of making customs declarations. Businesses based in, or with a branch in, the UK can apply for funding ahead of the UK leaving the EU. Grants can be used to support: training costs for businesses who complete customs declarations, or who intend to in the future funding for IT improvement, which is available to small and medium sized employers who are currently involved in trade as an intermediary Applications can be made online, with the grant being offered within 30 days of applying.    Irish Government Brexit Supports The Department of Business, Enterprise and Innovation have released several Brexit preparedness supports, including the Brexit preparedness checklist, the Brexit Loan Scheme and the Getting Business Brexit Ready guide. For the full range of supports for businesses, visit the Department’s website.   Read all our updates in our Brexit web centre and our page dedicated to no-deal Brexit planning.

Oct 11, 2019