The Impacts of a No-Deal Brexit
As Brexit talks continue, the reality of a no-deal Brexit is becoming more inevitable. With a no-deal Brexit, the UK would become a “third country”, subject to strict guidelines for countries outside of the EU related to border checks. The EU has customs checks and product standards checks for countries outside of the EU so that trade remains fair across the EU and to prevent unsafe products from entering the market.
Cross-border trade would become extremely more difficult than it is currently under the single market and customs union that exists today in the EU. The EU wants to protect the single market and will not hesitate to impose the same strict regulations on the UK if there is a no-deal Brexit.
The issue in Ireland will be to figure out where to process new border checks for goods coming in from the UK. The Irish tax authority, The Revenue Commissioners, is trying to determine where these border checks could take place at or near the border, but with the EU regulations for food and animal products, the checks must take place at the border which will cause new problems for companies importing goods from the UK.
If the border issue cannot be agreed upon, Northern Ireland and Ireland could potentially be treated differently than they are today. Northern Ireland could be required to check goods coming from other UK countries, or products leaving Ireland would need to be checked before entering the EU. Both the Northern Ireland and Irish governments oppose these proposed recommendations.
What does this mean for your business?
If you are importing or exporting food or animal products, you will need to ensure compliance with new border regulations as they develop. Your employees living and/or working in the UK and EU will also need to stay compliant with new payroll and residence regulations as well. If you need help preparing for the changes, or would like to get your payroll and compliance checked before new regulations take place, talk to us. We can simplify your payroll process, help ensure compliance, and help you prepare for upcoming changes. Click here to get started: https://payescape.com/payroll