The Institute is urging members to act now with Brexit preparations

Jul 22, 2019

Revenue has begun issuing letters to 92,000 traders in Ireland outlining critical steps they must take now to prepare for Brexit. The Institute is urging its members to make sure they are taking these critical steps now, as well as informing their clients to do the same.  The first step is to apply for a customs registration number, otherwise known as an EORI number.  Without this registration, traders will not be able to engage in import or export activities with the UK.  Latest registration statistics from Revenue suggest that many small traders have not applied for an EORI.

Chartered Accountants Ireland is recommending that Irish businesses do the following to prepare for Brexit, regardless of the form it will take:

  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. 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.
  3. 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.
  4. Ensure that you have a line of credit to deal with any customs duties that might arise on imports from the UK.
Revenue has a dedicated webpage to help with Brexit preparations.  Visit revenue.ie/brexit