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

Latest Brexit news

Brexit

UK Prime Minister Theresa May might have won the confidence vote but she now faces a mammoth struggle to get her Brexit deal through Parliament.  In other news, the Irish Revenue is writing to traders who trade with the UK advising them of some customs obligations post Brexit and readers are reminded of the Institute’s Brexit resources available on our website. An embattled leader Theresa May survived an attempt by her Tory colleagues to remove her as leader of the Conservative party on Wednesday; winning the vote of confidence among her MPs by 200 to 117.  The vote hasn’t changed anything on the Brexit withdrawal bill – hostility among her own party and the opposition remains.   And now the embattled UK Prime Minister is in Brussels at the EU Summit in an attempt to seek concessions from the EU on her Brexit deal - but the EU have been forthright in saying no. The Northern Ireland backstop - the insurance policy to ensure that there is no hard border on the island of Ireland in the event that the UK and EU cannot agree a free trade deal after the transition period ends – remains the sticking point.  Many MPs see the backstop as unpalatable as it leaves the UK in a customs union with the EU and means the UK is not free to seek out free trade deals with other countries.  So something is needed in order to make the deal more palatable to Prime Minister May’s own Parliament.  Will the EU give concessions?  So far the EU leaders have been clear that the deal that is on the table is the only deal; and while it cannot be changed, the EU is willing to deliver some assurances on the backstop.  With just over 100 days to go until 29 March 2019, the prospect of a no deal Brexit remains.  Revenue write to Irish traders  The Irish Revenue has begun the process of writing to traders in the Republic of Ireland who trade with the UK advising them of the potential customs obligations that they may face post Brexit.    Traders are also encouraged to attend customs information seminars run by Revenue.  Events have taken place in Dublin and Cork and further events are planned for Galway, Wexford, Sligo, Dundalk, Monaghan and Westmeath in January.  We will communicate these venues and dates to members when they are confirmed.   The Brexit dedicated page on the Revenue website will be updated with further information as it becomes available. Institute’s Brexit resources Members are reminded that the Institute has published a series of Back to Brexit Basics which will help you understand Brexit and its possible implications for you and your business.  The free customs guide Taking the Lead: Chartered Accountants and Brexit prepared by the Institute and ICAEW will also help business in the UK and Ireland get a grasp of customs obligations post Brexit.  ECJ says UK can revoke Article 50 unilaterally The European Court of Justice (ECJ) has said that the UK can unilaterally revoke Article 50 which provides for its withdrawal from the EU.   This opinion is the same as the one reached by the ECJ’s Advocate General recently.   Response to the decision in the UK was mixed with the Environment Secretary Michael Gove saying that the UK will leave the EU as planned in March.  The ruling is reportedly one of the fastest ever made by the ECJ where decisions can take some months. However it’s understood that this case, which was first brought by a group of politicians from Scotland, was fast-tracked. Read all of our Brexit updates and Back to Brexit Basics on the dedicated Brexit section of our website.

Dec 13, 2018
Tax

Chartered Accountants Ireland London Society Vice Chair and Council Member Peter Gavaghan called for continued unity amongst the Accountancy Profession in UK and Ireland as Brexit approaches. A potential no deal scenario grows in probability ahead of Prime Minister May’s Parliamentary vote on Tuesday.  At the 9th Annual Chartered Accountants Ireland London Society lunch, Mr Gavaghan outlined to the 100 local members, the tireless co-operation that has existed with the Chartered bodies before Brexit in London and indeed the step change in co-operation across CCAB bodies in the UK and Ireland since the referendum result.  He referenced the definitive guide to Brexit ‘Taking the Lead: Chartered Accountants and Brexit’, recently published by Chartered Accountants Ireland and ICAEW as one of many tangible examples.  He called on this co-operation to not only continue in the face of Brexit, but to continue to be extended to other critical areas impacting the profession including: increasing scrutiny on audit; technological disruption and keeping members skills up to date; and recruiting the best and the brightest into the profession in the future.   As 2018 comes to a close and the unknown that will be 2019 approaches, it is imperative that we recognise that Chartered Accountants Ireland will not exist in isolation and we must seek to identify and maximise benefits derived from co-operation with other Accountancy Bodies close to home and not so close to home.  Our greatest asset in this regard is our members and their networks across the globe, which must be utilised to the maximum benefit. Attendees at the London Society event included: Former Irish rugby international Paul Wallace, Institute Immediate past President Shauna Greely, London Society Vice chair Peter Gavagan and Institute Director of Public Policy and Taxation, Brian Keegan.

Dec 10, 2018
Brexit

It’s been reported this morning that the UK Prime Minister has delayed the vote on the withdrawal agreement in the UK parliament that was scheduled to take place tomorrow night.  The cancellation comes amid predictions that a majority of MPs would vote against the bill.   In other developments, HMRC have sent letters to many traders asking them to take three actions in preparation for a possible no-deal Brexit. The key vote UK Prime Minister Theresa May has reportedly delayed tomorrow night’s vote on the withdrawal agreement in the House of Commons.  Ms May had spent last week trying to persuade MPs to back the Brexit withdrawal agreement and there have been several reports in the media that she faced an almost impossible task in getting the vote passed.  There had been suggestions that the Prime Minister should go back to the EU seeking some amendments to the bill. The EU was very clear when the bill was drawn up that this was the final agreement and it could offer no alternative.  The possibility of a second referendum could be on the table too. Theresa May will address parliament at 3:30pm today.  EU leaders will meet later this week (13 and 14 December) and the agenda in relation to Brexit reportedly remains in draft. With just over 100 days to go until the UK leaves the EU, will Theresa May seek the EU’s help to get the bill over the line? You can also listen to Brian Keegan, Director of Public Policy & Taxation speaking about what a no deal Brexit could mean for Ireland on LBC radio in the UK with James O’Brien.  ECJ says UK can revoke Article 50 unilaterally The European Court of Justice (ECJ) has said that the UK can unilaterally revoke Article 50 which provides for its withdrawal from the EU.   This opinion is the same as the one reached by the ECJ’s Advocate General last week.   Response to the decision in the UK was mixed with the Environment Secretary Michael Gove saying that the UK will leave the EU as planned in March.  The ruling is reportedly one of the fastest ever made by the ECJ where decisions can take some months. However its understood that this case, which was first brought by a group of politicians from Scotland, was fast-tracked. Preparing for a no-deal Brexit – letters to traders If you are an EU-only trader based in the UK or Northern Ireland, you will receive a letter imminently from HMRC asking you to take three actions to ensure that you are prepared for a possible no-deal Brexit.  Separate letters will issue to UK and Northern Ireland traders. It’s important to note that if you only import or export goods with Ireland across the Northern Ireland-Ireland land border, you do not need to take any of the actions set out in the letter. The actions listed in the letters tell you to: Register for an Economic Operator Registration and Identification (EORI) number using this link.Traders will need an EORI number to continue importing and exporting goods with the EU after 29 March 2019 if there is no deal agreed. Traders will also need an EORI number to apply for simplified customs procedures. We looked at EORI status as part of our Back to Brexit Basics series. Decide if you will make customs declarations yourself or hire an agent to do so on your behalf.If you make declarations yourself, you will need to ensure that you have the correct software. Make contact with the organisation that moves your goods (e.g. a haulage firm) to find out if they need any further information from you to make safety and security declarations for your goods. You may need to make these declarations yourself. Read the text of the letter to UK and Northern Ireland traders. More information on these changes can be found at www.gov.uk/hmrc/declare-goods and you can register to get updates on the UK’s exit from the EU using this link. New customs funding scheme launched The UK government have set aside £8 million to give grants to customs intermediaries and traders completing customs declarations.  The grants support training and IT and applications opened on Tuesday (4 December). Businesses are encouraged to apply early for the grants. Applications will close on 5 April 2019, or earlier once all the funding is allocated. More information on how to apply can be found using this link. Read all of our Brexit updates and Back to Brexit Basics on the dedicated Brexit section of our website.

Dec 10, 2018