For what seems like an eternity, Brexit has dominated news headlines all over the world.
The British government lurches from one crisis to another as power plays, partisan politicking and incessant party in-fighting leaves Britain — and the wider European block — floundering in a mess of uncertainty.
Will it be a hard Brexit, a soft Brexit or some Frankenstein-like combination of both?
Nobody seems to know. The details of Brexit are no clearer than they were in the immediate aftermath of the shock referendum result way back in 2016.
This uncertainty affects all of us, but perhaps no other group is affected by this uncertainty more than the Irish business owner.
This limbo of uncertainty makes preparing for Brexit almost impossible.
After all, what exactly should the Irish SME be preparing for?
While we all wait with bated breath to see what happens next in the Brexit saga, we have compiled a list of three things the Irish Business owner can do right now, to prepare for Brexit.
Get a unique EORI Number
If your business is involved in the importing or exporting of goods into or out of the European Union you need an Economic Operators Registration and Identification system number; or an EORI. With Britain set to leave the EU, any Irish business that trades with Britain will require an EORI.
Irish businesses can access the EORI system through the Revenue Commission’s website:
Apply For a Be Prepared Grant
Do you think your business is going to be particularly affected by Brexit? If so, you may qualify for a Be Prepared grant. This grant is available through the Enterprise Board and offers up to €5,000, or 50% of the total cost of Brexit preparation, incurred by a business.
Types of preparation covered by the grant include consultancy services, employee travel and general expenses related to Brexit preparation.
Follow @BrexitReadyIRL on Twitter
Thus far, uncertainty has been the predominant theme that has emerged from the three years of back and forth negotiations between Brussels and Westminster. In this cloud of confusion, the online world has been flooded with rumours, speculation and flat-out lies.
In these unprecedented times, it can be extremely difficult to know what information to trust.
To counteract this tidal wave of noise, the Irish Government has set-up the Twitter Account: @BrexitReadyIRL. This account offers real, practical advice to SMEs on how best to prepare for Brexit.
If you’re worried about what Brexit means for your business, get in contact with one of our professional accountants today to discuss what Brexit will mean for your business. Visit our small to medium sized business accountancy page, for more information on our services.
