The UK government appears to be fixed on leaving the EU on 31st October 2019 with Boris Johnson's move to suspend parliament re-igniting fears of a No Deal Brexit. The impact of this has been felt on sterling already as covered in the latest Treasury Hub Market Update.
Whether you are a sole trader, an SME or a multinational company, there is now a greater need to take steps to ensure that your business is ‘Brexit Ready’. While there is still some uncertainty as to how or when the UK will leave the EU, it’s important for you to be aware of what Brexit may mean for your business. This Brexit Scorecard from Enterprise Ireland is a useful starting point in assessing your preparedness.
Brexit could affect your business in a number of different ways. You may not be importing from or exporting directly to the UK but one of your suppliers may be, and under EU law businesses have different responsibilities depending on where they are situated in the supply chain, (for example, manufacturer, importer, wholesaler distributor, etc.). In addition, your business may experience a reduction in turnover or cashflow as a result of Brexit. Therefore, you need to anticipate how Brexit will impact your business and plan for it accordingly.
There are many supports available through the Enterprise Ireland, InterTradeIreland, Local Enterprise Offices and Skillnet Ireland, all of which are to help businesses deal practically with their Brexit exposure, seek advice, apply for grants or funding, avail of customs training and make plans to protect their business:
- InterTradeIreland: Brexit Advisory Service
- Enterprise Ireland: Prepare for Brexit
- Skillnet Ireland: Clear Customs
- Local Enterprise Offices: Brexit Supports for your Small Business
We would draw your attention to the following key training, grants and funding schemes which are likely to be accessible to you and your business:
- Skillnet Clear Customs Training
- Inter Trade Ireland Brexit Vouchers
- Enterprise Ireland - Be Prepared Grant
- SBCI - Future Growth Loan Scheme
Planning and preparation in the remaining time is key in order to minimise the challenges that Brexit will present.
RBK Brexit Team
Please do not hesitate to contact us should you have any queries on the above or require help with any of the applications.
- Chris Ball, Corporate Finance Partner
- Evelyn Smyth, Audit & Business Advisory Manager
- Ronan McGivern, Taxation Partner
- Joe Cleary, Audit & Business Advisory Partner
- Jennifer Brennan, Corporate Finance Manager
- Patrick Fannon, Taxation Manager
- Colm O'Grady, Audit & Business Advisory Partner
- Eddie Darby, Corporate Finance Manager
