Brexit Essentials

When it comes to Brexit, the only certainty is your ability to act now. From currency fluctuations to new customs procedures, the Brexit Essentials highlight the key questions your business needs to address ahead of the UK’s departure from the EU.

 

Don’t wait, take action today with the range of supports available from Enterprise Ireland.

What is your EORI number?
This unique number is necessary for all import and export declarations with non-EU countries.
What is the commodity code for your products?
This is an 8-digit code (exports) and a 10-digit code (imports) used to classify goods. It also identifies duty rates, licensing requirements, and quotas.
What is the country of origin for your products?

Import duties are determined by the product’s origin. Goods imported from certain countries as part of trade agreements may qualify for preferential treatment e.g. a reduced or a zero duty rate. Determine the origin for your products and gain a firm understanding of customs procedures by completing our online Customs Insights course.

What is the potential tariff for your goods?

Post-Brexit, the import or export of goods may require the payment of a tariff. To establish what tariffs might apply, goods must first be classified. Learn the key customs concepts, documentation and processes with Enterprise Ireland’s online Customs Insights Course.

What is your break-even exchange rate?
Brexit is causing volatile EURO and GBP exchange rates with adverse movements impacting profitability. Identify your break-even exchange rate to model and stress test profitability in your business.
How much extra funding will be required to support your Brexit action plan?

Develop a financial forecast to model the timing and scale of your funding requirement. Explore all funding options including the Brexit loan schemes available through the main Irish banks. Enterprise Ireland’s Act On Initiative provides companies with a financial management expert to help analyse your business and develop a strong Brexit action plan.

What steps have you taken to reduce the risks of adverse FX movements?
Consider opening a sterling bank account, invoicing in euros, and matching where possible currency costs in GBP with corresponding revenues. Explore other ideas with a trusted financial advisor.
What is the impact of Brexit on your company's cash flow?
Currency movement, tariffs, advance purchasing, stockholding, and new credit terms can put strain on the cash cycle. Develop a robust forecasting model to understand potential impacts.
What % of your goods are sourced from or through the UK?
The more goods sourced from or through the UK, the greater the impact on your business. To mitigate risk, analyse your suppliers from a Brexit context to identify who might negatively impact profitability the most.
Have you identified alternative suppliers?
Businesses should work with suppliers to ensure continuity of supply. If your most critical suppliers are not prepared for Brexit, alternative supply options should be considered.
Which UK supplier will have the greatest Brexit impact on your business?
Some suppliers may be easily replaced, while others are more critical to your business. Analyse all suppliers from a Brexit perspective and identify those with the greatest potential impact e.g. increased supply costs, delayed deliveries or supply disruptions.
What steps have you taken to maintain security of supply?
It is crucial to develop long-term supplier agreements. Increased ordering/ storage capacity and supply commitments can also be explored.

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