BREXIT – Issues for Irish SME’s ahead of 1st January 2021

After 4 years of intense debate around the issue of BREXIT, we are now less than 21 days (and counting) to the end of the UK’s ‘transition period’ on 1^st January 2021 !

Even if your business is not affected by BREXIT directly i.e. your trade is with Irish businesses only,
there may still be an impact on your business counterpart(s) – in obtaining YOUR goods without
delay, being able to provide YOUR service, keep prices unchanged etc.

As the BREXIT trade deal discussions between the UK and EU continue with a ‘NO Deal’ more and
more likely (affecting tariffs and mutual recognition (for services) in particular), it should be borne in
mind that whether a final deal is reached (or not) – the UK has already left the EU !

Although the UK Government have announced a number of simplifications and deferments of detailed
declarations, tariffs and VAT post January 2021 (until end of July 2021), many of these will not
necessarily be applicable for Irish businesses as they remain under the EU regulations.

Although uncertainty remains as the talks around the trade deal between the EU and the UK appear to be heading towards ‘NO Deal’, there is much that IS certain:

• there will be new trade borders and Custom requirements
• businesses will be facing additional costs, resource requirements and cashflow impacts
• trade will continue to flow between the EU and the UK

Therefore Irish businesses should, and need, to be preparing for the impacts of BREXIT NOW (if not already), so see below for our view on the next few weeks to 1^st January 2021.

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