With all the uncertainty surrounding the Brexit negotiations, one thing businesses can be sure of; come 1 January 2021, the trading environment will be vastly different than the simplicity offered by the current EU Single Market. As per a press statement released by the Institute, businesses on the island of Ireland are being warned that given the lack of progress in Brexit negotiations, they have no option but to assume the EU and the UK will fail to reach agreement by the end of the year and to prepare accordingly.

We have outlined eight practical measures that businesses on the island of Ireland should adopt now:

1. Register online with HMRC or Revenue for an EORI number – you cannot trade without one
2. Contact your suppliers and logistics providers about the continuity of goods and services you need for trade
3. Check if your non-UK suppliers use the UK as a land-bridge and ascertain whether this will cost and cause delays
4. Classify the goods that you import or export for customs duties and know their origin
5. Seek out a customs agent or enhance in house customs knowledge
6. Ensure that you have a line of credit to deal with the customs duties that will arise on imports from the UK or Ireland
7. Check whether your current certifications, licences or authorisations will be valid post-Brexit
8. Use the Government supports available