Brexit Bulletin - 29 July 2019

Jul 29, 2019

This week we take a look at UK Prime Minister Boris Johnson’s new Cabinet whose priority appears to be planning for a no-deal Brexit. The Institute is urging businesses to prepare and highlights some useful resources to plan and get ready.

 
Meet Boris Johnson’s new Cabinet

Boris Johnson has been elected as the new UK Prime Minister and delivering Brexit by 31 October appears to be his top priority. A Cabinet re-shuffle sees Sajid Javid replace Philip Hammond as Chancellor, Michael Gove appointed as the minister without portfolio, Dominic Raab as Foreign Secretary, Priti Patel as Home Secretary, Jacob Rees-Mogg as Leader of the House of Commons and Liz Truss as International Trade Secretary. Julian Smith has replaced Karen Bradley as the Northern Ireland Secretary.

 With more than half of Theresa May’s Cabinet sacked and replaced by many Vote Leave campaigners, Mr Johnson has promised to defy “the doubters, the doomsters and the gloomsters.”  In a recently published article by the newly appointed Chancellor of the Duchy of Lancaster, Michael Gove, the government’s position on Brexit and the Irish backstop seems to be leaning towards a no-deal outcome as they also call for the abolishment of the backstop and highlight planning for a no-deal Brexit as their number one priority.

 

Get ready for Brexit regardless of the outcome

In a recent press release, already reported upon above, Chartered Accountants Ireland is urging businesses to prepare for Brexit to continue uninterrupted trade with the UK. This also involves taking stock of any gaps in customs expertise and making sure your customs paperwork is up to date and in place. Some useful steps to take include:

  1. Register online with Revenue for an EORI number – it takes a few minutes to apply and a number should issue immediately or within 3 working days if checks are needed.Read more about the EORI number.
  2. Familiarise yourself with the new customs administration. Find out what returns you might need to apply. Figure out whether you will do the customs administration yourself or whether you need to hire a customs agent.If you do the customs yourself, you need to have computer facilities and software to do this.Read our customs guide for accountants.
  3. Familiarise yourself with the Single Administrative Document (SAD), filed through Revenue Online Services, used to import and export “third country” goods.
  4. Inform your customers in the UK (or further afield if you are using the UK as a land bridge) that they may experience delays in receiving your product because of supply chain disruption
  5. Ensure that you have a line of credit to deal with any customs duties that might arise on imports from the UK.

 

Local Enterprise Offices – Customs workshops

Local Enterprise Offices are running customs workshops throughout the year to provide businesses with a better understanding of the potential impacts and customs procedures to be adopted when trading with a country outside of the EU.  These courses are open to all businesses and you can read the course outline here.  To see locations, dates and how to book, go to this link.

 
Irish Government Brexit Supports

The Department of Business, Enterprise and Innovation have released a number of 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.

 
Is Brexit to blame as job vacancies plummet in Ireland?

According to a recent report by IrishJobs.ie, job vacancies in Ireland have experienced a decline over the last year. While the construction and engineering sectors remains strong, areas like financial services and accounting have seen a marked decrease in vacancies. Overall job vacancies declined by 2 percent quarter-on-quarter and by 4 percent year-on-year.

 

Read all our updates in our Public Policy webcentre.