TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Actions to take regardless of the outcome of talks

Even in the best-case scenario, if the UK and EU reach some sort of agreement on trade, there is not enough time for it to be comprehensive. Any deal that is reached will likely prioritise avoiding the imposition of tariffs and quotas on goods and is unlikely to extend fully to services. Read the practical measures that businesses trading goods and services should now adopt to prepare:

If you trade goods:

  1. Register online with HMRC or Revenue for an EORI number – you cannot trade without one.
  2. Critically examine your supply chain. Contact your suppliers and logistics providers about the continuity of goods and services you need for trade. Consider whether you need warehousing space.
  3. Check if your non-UK suppliers use the UK as a land-bridge. If they do, ascertain whether this will cost and cause delays.
  4. For customs duties purposes classify the goods that you import or export and ascertain their origin.
  5. Seek out a customs agent or enhance inhouse customs knowledge.
  6. Ensure that you have a line of credit to deal with any customs duties that could 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.

If you trade in services:

  1. Leaving the EU Single Market will lead to additional barriers to trade and to the cross-border mobility of services and people. Make yourself aware of what trading outside the Single Market means, particularly when it comes to procurement.
  2. Depending on whether you are EU or UK based, look at your business supply chain and consider your interaction and reliance on UK or EU markets for service provision.
  3. Review cross-border service level agreements/existing contracts for product licences, insurance policies and data transfers to ensure you are legally protected or recognised post-Brexit.
  4. Companies operating in regulated sectors may need to take steps such as contacting the relevant regulator to mitigate the impact of Brexit.
  5. Consider whether you need to seek alternative service providers.
  6. The UK will be regarded as a third country – consider what this means for GDPR and data flows.