Businesses are every bit as concerned as EU negotiators about the prospect of a no-deal Brexit, according to a survey carried out by Chartered Accountants Ireland of respondents working across all industries on the island of Ireland. Only one in five expect an EU/UK trade agreement to be reached by 31 December.

Despite mounting concern, the focus of respondents across manufacturing, retail, wholesale, transport, logistics and professional services has been forced away from Brexit as they deal with COVID-19. Fewer than one in 10 are fully prepared for Brexit and just over one in 10 understand the changes that it will bring to their sector. A larger number (37 percent) have some understanding but need further clarity on the official guidance.

Regardless of whether a trade agreement is reached, customs administration will be imposed on exporters and importers north and south and beyond these shores, and survey responses again indicated a knowledge gap when it comes to customs paperwork. Almost half of those surveyed by Chartered Accountants Ireland do not fully understand the customs declarations that will be required to trade goods between Ireland and the UK come 1 January 2021.