LISTEN: Tony Connelly's Brexit Republic Speaks to Carol Lynch

09 November 2018

Carol Lynch, Partner, was recently featured on Tony Connelly's 'Brexit Republic' podcast to speak about what will happen to Irish businesses from a customs perspective if no deal is agreed, or later if a free trade agreement is reached.

In the podcast, Carol discusses the additional steps and costs which Irish companies may face in the worse case scenario of a hard Brexit with custom controls.

With a short time frame now left the answer is simply to prepare your business to ensure you are able to import and export from a Non-EU Country. Key steps which can and must be taken at a minimum are:

  1. Ensure your tariff classifications are 100% correct
  2. Ensure you have a clearance agent to lodge Customs Declarations on your behalf
  3. Prepare an application to obtain a Deferred Payment Account, discuss and agree a guarantee provision with your bank, and have the application ready to lodge by end of the year if no-deal has been agreed.

In terms of investing management time at this point, we would strongly recommend that businesses who are now seriously looking at preparing for the possibility of a Hard Brexit for the first time, start working on ensuring they have all UK imports and exports assigned a Tariff Code as a matter of urgency.

The podcast is available on Apple Podcasts, or listen to it now on RTE online.