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News feed from Chartered Accountants Ireland

Last feed update: Tuesday March 19th, 2019 12:50:27 AM

Reminder: insolvency events occurring in relation to members and affiliates

Friday March 15th, 2019 09:36:25 AM
As of 5 October 2015, Chartered Accountants Ireland adopted a new approach to addressing the issue of members and affiliates in financial difficulty. The approach is consistent with the Institute’s public interest remit. Members and affiliates can contact secretary@charteredaccountants.ie with any queries. Further information and guidance is available by clicking on the links below: Guidance on the approach to insolvency events Short form Guidance to members and affiliates in financial difficulty It should be noted in particular that insolvency events occurring on or after 5 October 2015: Must be reported to the Secretary of Chartered Accountants Ireland within 21 days; Require an application to be submitted to the Secretary of Chartered Accountants Ireland within six weeks if the member or affiliate wishes to remain a member or affiliate; Will not give rise to automatic liability to disciplinary action but will be assessed to determine whether a disciplinary investigation is necessary; and Will be reviewed from a regulatory perspective, where applicable, to ensure the member or affiliate remains fit to practise. Members in financial difficulty can also contact Chartered Accountants SUPPORT in confidence.

‘Great Ambassador of the Institute’ Sir Desmond Lorimer addresses Council

Thursday March 14th, 2019 05:07:12 PM
Chartered Accountants Ireland has recognised one of its most distinguished members, Sir Desmond Lorimer, for his significant contribution to the profession and to public life in Northern Ireland. Sir Desmond Lorimer was invited to address the Institute’s Council members on the occasion of the 50th Anniversary of his Presidency of the Institute.  Sir Desmond is acknowledged as one of the most influential Chartered Accountants of his time, and a leading light in the business world. As well as a successful career in practice, then in manufacturing, Sir Desmond played a key role in public life in Northern Ireland. He became the first ever Chairman of the Northern Ireland Housing Executive, then the first ever Chairman of the Industrial Development Board, before then taking on the task of privatising the electricity industry in Northern Ireland. Addressing the Institute Council Meeting in Belfast, Sir Desmond reflected upon the significant changes in the Institute and profession since his formative years as a Chartered Accountant. Sir Desmond said that when he first became involved, there were only two District Societies (Dublin and Belfast) and the head office in Fitzwilliam Square had only six staff. It’s only functions were to run exams and exercise disciplinary functions. In the mid-1950s the Institute had around 1000 members, 300 in practice and 700 around the world in industry and commerce. Sir Desmond became one of a small number of young members who began to develop stronger organisation of the Institute’s education and training, encouraging the creation of classes for students and the employment of lecturers. Under Sir Desmond’s leadership, the Institute became more outward looking with a renewed focus on openness, transparency and engagement both with members and with other business and governmental organisations. Sir Desmond was pleased to observe the recent evolution of the Institute, with great growth in member and student numbers. He was particularly pleased to note the strong growth of female members and that the profession was much more diverse than his day. Sir Desmond commented that changes in the profession would continue, particularly with regard to evolution in technology and changes in corporate governance and regulation. He concluded his address by wishing the Institute every success and encouraging Council to continue to push for progress in the profession. Feargal McCormack, President of Chartered Accountants Ireland said: “Sir Desmond is one of the pillars of the community whose contribution to the Northern Ireland economy has been immense.  As a young Chartered Accountant, he was certainly one of people who I very much looked up to. He is a great ambassador for our Institute and a fantastic example of the lasting impact that our members can make in their career”. Following Sir Desmond’s address, Feargal McCormack and Institute Chief Executive Barry Dempsey marked Sir Desmond’s substantial contribution to the profession and public life with the presentation of Galway Crystal in Belfast’s Waterfront Hall/ ICC. ENDS Note to editors:  Chartered Accountants Ireland is Ireland’s biggest and fastest growing professional accountancy body, with 26,500 members across the globe. It is the voice of the accountancy profession on the island of Ireland. Reference: Garry Webb, Chartered Accountants Ireland, 07841 152045                 www.charteredaccountants.ie

United States outreach programme –first week round-up

Thursday March 14th, 2019 04:56:11 PM
The Chartered Accountants Ireland overseas engagement programme began this week as President Feargal McCormack and Director of Tax and Public Policy Brian Keegan met with members and partners in Silicon Valley, San Francisco and Washington. BDO and ACAUS both hosted receptions for members in Silicon Valley while in San Francisco, the Consul General of Ireland to Western USA Robert O’Driscoll met with members.  In Washington, Feargal and Brian attended The US Chamber of Commerce, Ireland Gateway of the Atlantic and the Ireland Fund Gala Dinner where Taoiseach Leo Varadkar was guest of honour.  Feargal and Brian also attended the Northern Ireland Bureau Breakfast in Washington where they discussed business prospects for Northern Ireland with Invest Norther Ireland CEO Alastair Hamilton, NI Bureau Chief Norman Houston and Ulster University Vice Chancellor Paddy Nixon. The Irish Ambassador to the United States H.E. Daniel Mulhall hosted a reception in Washington and Feargal and Brian were in attendance. The programme continues with events in New York, Boston and Toronto next week and if members wish to attend any of the events please email president@charteredaccountants.ie Location Date Meeting New York Monday 18 March 6:15PM Joint North South Business briefing event, Moet Hennessy HQ New York Tuesday 19 March 7:30AM   ICAUS meet and greet breakfast event, Bank Of Ireland Start-Up Lab, Grand Central Tower Boston Thursday 21 March 8:00 AM Reception at the Irish Consulate in Boston Toronto Friday 22 March 8:00AM Business briefing in association with Deloitte, in Deloitte offices   Inviting members to get involved, Feargal McCormack said, “The purpose of the outreach is to help establish networks of our members in their chosen territories and foster opportunities for investment inward and outward for the island of Ireland. The events offer briefings and insights from local experts and from Chartered Accountants Ireland. In arranging the programme, we have significantly benefited from the support of government agencies north and south of the border. We’ve also seen great interest from some of our members and member firms, who are kindly sponsoring events.”

Five things you need to know about tax, 14 March 2019

Thursday March 14th, 2019 11:27:39 AM
Read about CCAB-I’s response to the OECD consultation on possible solutions to the challenges posed by the digitalised economy, a delay to the issue of 2017/18 UK self-assessment late filing penalty notices and Morocco joins the Inclusive Framework on BEPS.           Ireland Concerns on profit allocation based on market highlighted in OECD consultation response by CCAB-I. Read more Revenue’s close company guidance has been updated to include some anti-avoidance provisions along with changes made by Finance Act 2018 to the company charge to income tax on loans to participators. Read more   UK HMRC are delaying the issue of late filing penalty notices for 2017/18 online self-assessment returns not filed by 31 January 2019 The payment date for stamp duty land tax is now 14 days, reduced from 30 days   International Morocco joins the Inclusive Framework on BEPS. Read more  

More clarification needed on quality control checks in the event of a no-deal

Thursday March 14th, 2019 11:25:44 AM
While the UK government’s temporary proposals for a no-deal Brexit comprehensively cover tariffs, little is said about regulation or quality assurance checks on goods going into the UK.  In a press release issued this week, Director of Public Policy and Taxation at Chartered Accountants Ireland, Brian Keegan said:  “More clarification is needed about how, for example, foodstuffs are going to be regulated for quality control purposes. The tariff regime announced doesn’t deal with the question of how the UK will manage the regulation and quality control of food coming into the UK market.” On the proposals for Northern Ireland, Mr Keegan said: “The open border between Northern Ireland and the Republic of Ireland is very welcome from a supply chain perspective. However, though the proposals suggest no tariffs and very limited checks on trade from Ireland into Northern Ireland, the Republic of Ireland, as part of the EU, will have to fulfil its obligations under the Union Customs Code. This could involve quality assurance checks and even tariffs on goods going into the Republic of Ireland from Northern Ireland under this scenario. This will potentially put traders in Northern Ireland at a competitive disadvantage to traders in the Republic of Ireland and give rise to a confusing arrangement for cross-border exporters particularly those with integrated cross-border supply chains.” Many of the products that Ireland exports to Great Britain would become more expensive under temporary tariff proposals. Metals, chemicals, textiles, footwear and machinery are all included in the schedules. “While the tariffs proposed by the UK in the event of no-deal will apply across the board to all imports into the UK, they are likely to hit Irish exporters the hardest because many of them start from a higher cost-base than suppliers coming from locations such as South America. Tariffs on agri-food under the proposals could be up to 60 percent of the EU’s Most Favoured Nation rate. These additional costs will severely impact Irish exporters who could see their competitiveness severely impacted. ” said Mr Keegan. Cróna Clohisey spoke about the impact of the UK’s proposed tariff regime on Newstalk’s Breakfast Business with Vincent Wall yesterday morning (listen at 13:30).

Technical roundup 15 March

Thursday March 14th, 2019 09:19:16 AM
Developments of interest this week are set out below.    Ireland  The CRO has issued its regular gazette. UK The FRC has this week responded to the publication of the Department for Business, Energy and Industrial Strategy’s (BEIS) consultation. The FRC recently published an exposure draft of International Standard on Auditing (UK) 570 (Revised) Going Concern and issued a request for comments on the proposed changes. The Financial Reporting Lab would like to get views on the reporting topics that it should select for its projects over the next few years.  European The European Supervisory Authorities (ESAs) propose amendment to PRIIPs Key Information Document to clarify application to investment funds.    

UK Government proposals could lead to confusion for cross-border exporters

Wednesday March 13th, 2019 03:22:06 PM
The Chairman of Chartered Accountants Ulster Society has warned that the UK Government’s ‘no deal’ plans could put Northern Ireland businesses at a competitive disadvantage to those in the Republic of Ireland.   Niall Harkin said: “The open border between Northern Ireland and the Republic of Ireland is very welcome from a supply chain perspective. However, though the proposals suggest no tariffs and very limited checks on trade from Ireland into Northern Ireland, the Republic of Ireland, as part of the EU, will have to fulfil its obligations under the Union Customs Code.   “This could involve quality assurance checks and even tariffs on goods going into the Republic of Ireland from Northern Ireland under this scenario. This will potentially put traders in Northern Ireland at a competitive disadvantage to traders in the Republic of Ireland and give rise to a confusing arrangement for cross-border exporters particularly those with integrated cross-border supply chains.”   Mr Harkin also said more detail would be needed on the quality control checks that would be implemented in the case of a ‘no deal’ Brexit: “More clarification is needed about how, for example, foodstuffs are going to be regulated for quality control purposes. The tariff regime announced doesn’t deal with the question of how the UK will manage the regulation and quality control of food coming into the UK market.”  

UK proposals could lead to confusion for cross-border exporters

Wednesday March 13th, 2019 02:23:53 PM
More clarification needed on quality control checks in the event of a no-deal While the UK government’s temporary proposals for a no-deal Brexit comprehensively cover tariffs, little is said about regulation or quality assurance checks on goods going into the UK.  Director of Public Policy and Taxation at Chartered Accountants Ireland, Brian Keegan said:  “More clarification is needed about how, for example, foodstuffs are going to be regulated for quality control purposes. The tariff regime announced doesn’t deal with the question of how the UK will manage the regulation and quality control of food coming into the UK market.” On the proposals for Northern Ireland, Mr Keegan said: “The open border between Northern Ireland and the Republic of Ireland is very welcome from a supply chain perspective. However, though the proposals suggest no tariffs and very limited checks on trade from Ireland into Northern Ireland, the Republic of Ireland, as part of the EU, will have to fulfil its obligations under the Union Customs Code. This could involve quality assurance checks and even tariffs on goods going into the Republic of Ireland from Northern Ireland under this scenario. This will potentially put traders in Northern Ireland at a competitive disadvantage to traders in the Republic of Ireland and give rise to a confusing arrangement for cross-border exporters particularly those with integrated cross-border supply chains.” Many of the products that Ireland exports to Great Britain would become more expensive under temporary tariff proposals. Metals, chemicals, textiles, footwear and machinery are all included in the schedules. “While the tariffs proposed by the UK in the event of no-deal will apply across the board to all imports into the UK, they are likely to hit Irish exporters the hardest because many of them start from a higher cost-base than suppliers coming from locations such as South America. Tariffs on agri-food under the proposals could be up to 60% of the EU's Most Favoured Nation rates. These additional costs will severely impact Irish exporters who could see their competitiveness severely impacted. ” said Mr Keegan. ENDS About Chartered Accountants Ireland Chartered Accountants Ireland is Ireland’s largest and longest established professional body of accountants founded in 1888.  The Institute, which is an all-island body, currently represents over 27,000 members around the world.  The Chartered Accountants Ireland Brexit Action Group coordinates extensive lobbying and public information activities to help its members North and South of the border prepare for the departure of the UK from the EU. Reference: Claire Percy, T: +353 86 2164393, E: claire.percy@charteredaccountants.ie 

Almost half of Irish businesses without a plan for ‘No Deal’ Brexit scenario

Monday March 11th, 2019 01:37:34 PM
70% say deal won’t be reached by March 29th - New Brexit Sentiment Survey from Chartered Accountants Ireland  Monday, 11th March 2019  A new survey from Chartered Accountants Ireland published today shows that almost half of business leaders in the Republic of Ireland have little or no plans in place for a no deal Brexit. Despite 60% of Chartered Accountants in the Republic of Ireland saying that Brexit will have a negative impact, only 17% of those respondents said their businesses are fully ready to meet the challenges that Brexit might bring.  Reflecting the current uncertainty, almost half of businesses surveyed have made little or no plans to prepare for Brexit. Among the key findings from a new Brexit Sentiment Survey of Chartered Accountants across all sectors in the Republic of Ireland were: - 69% said that the UK and EU were unlikely to reach a deal by 29 March 2019 44% had little or no plans for a no deal Brexit, 39% had some plans 60% said that Brexit would have a negative impact on their business, 12% said Brexit would have a positive effect 60% said the local business voice was not being heard in the Brexit negotiations Supply chain disruption was the biggest concern, followed by customs administration and then customs duties The survey was also carried out among members of Chartered Accountants Ireland in Northern Ireland and the results are almost identical. Speaking about the study, Brian Keegan, Director of Public Policy and Taxation at Chartered Accountants Ireland, said: “These findings reaffirm that some level of certainty is urgently needed among the business community both north and south of the border.  Without assurances of the future trading landscape, businesses are finding it difficult to put concrete plans in place to prepare for Brexit and many have adopted a wait and see approach.” According to the survey, Chartered Accountants rated supply chain disruption as their biggest concern followed by customs administration and thirdly customs duties. “The businesses we have engaged with and spoken to over the last two years have largely been more concerned about supply chain disruption and customs paperwork than the costs of any potential customs duties.  Many dealing with consumer foodstuffs with a short shelf life, for example, are unclear about how customs checks will take place and say that any delays in clearing customs could be detrimental to their businesses.” said Mr Keegan. The survey also showed that almost 70% of Chartered Accountants in the Republic of Ireland do not believe a Brexit agreement will be reached by 29 March. “It is hard to believe that with less than three weeks to go until 29 March, the UK and EU are still without an agreement. No agreement will result in a hard border on the island of Ireland and this will mean potentially hazardous trading conditions for businesses both north and south of the border. Chartered Accountants Ireland has been urging businesses to examine their supply chains, look at their cash flow and update their knowledge on customs in order to be ready to cope with the prospect of a no deal Brexit.” - ENDS – Notes to editors 1,320 Chartered Accountants responded to the survey which was carried out on 26 February 2019. 821 respondents were based in the Republic of Ireland.   About Chartered Accountants Ireland Chartered Accountants Ireland is Ireland’s largest and longest established professional body of accountants founded in 1888.  The Institute, which is an all-island body, currently represents over 27,000 members around the world.  The Chartered Accountants Ireland Brexit Action Group coordinates extensive lobbying and public information activities to help its members North and South of the border prepare for the departure of the UK from the EU.

Morocco joins the Inclusive Framework on BEPS

Monday March 11th, 2019 11:12:28 AM
The OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) brings together over 129 countries and jurisdictions to collaborate on the implementation of the BEPS package.  Morocco has become the latest state to join the initiative.

United States outreach programme – registration still open for events

Monday March 11th, 2019 11:10:41 AM
The Chartered Accountants Ireland overseas engagement programme will continue this month, as President Feargal McCormack and Director of Tax and Public Policy Brian Keegan meet with members and partners in the US and Canada – starting today. Inviting members to get involved, Feargal McCormack said, “The purpose of the outreach is to help establish networks of our members in their chosen territories and foster opportunities for investment inward and outward for the island of Ireland. The events offer briefings and insights from local experts and from Chartered Accountants Ireland. In arranging the programme, we have significantly benefited from the support of government agencies north and south of the border. We’ve also seen great interest from some of our members and member firms, who are kindly sponsoring events.” Ireland is in a pivotal position in the context of the international debate on how to tax the digitalised economy given the extent of US foreign direct investment, and also in the context of future trading relationships and opportunities post Brexit.  4,500 Chartered Accountants Ireland work overseas, many in very senior positions in industry and in public practice.  A large number of Institute members work for or with American and Canadian businesses while over 800 members live in the US and Canada. The Irish Chartered Accountancy qualification is fully recognised by the dominant accountancy body in the US (AICPA), one of the few finance and accountancy qualifications to have such valuable recognition. The itinerary includes seven public events in Silicon Valley, San Francisco, New York Boston and Toronto. Members are asked to support the programme by attending the events or spreading the word to colleagues in the regions. Location Date Meeting Silicon Valley Monday 11 March – 8:00 AM Business Briefing in association with BDO Silicon Valley Monday 11 March – 6:00 PM ICAUS members evening reception San Francisco Tuesday 12 March – 7:30 AM Reception at the Irish Consulate in San Francisco New York Monday 18 March 6:15PM Joint North South Business briefing event New York Tuesday 19 March 7:3AM   ICAUS meet and greet breakfast event, Bank Of Ireland Start-Up Lab Boston Thursday 21 March 8:00 AM Reception at the Irish Consulate in Boston Toronto Friday 22 March 8:00AM Business briefing in association with Deloitte   To indicate your interest in attending one of the events below, email to president@charteredaccountants.ie.  Numbers are limited.

Concerns on profit allocation based on market highlighted in OECD consultation response by CCAB-I

Monday March 11th, 2019 11:07:37 AM
Chartered Accountants Ireland under the auspices of the CCAB-I responded to the OECD consultation on possible solutions to the tax challenges of digitalisation.  The key observations of the CCAB-I response are as follows: We have concerns on the appropriateness of market size as a measure of profit allocation or taxing rights; Established international tax rules, such as the arm’s length principle, should not be discarded in seeking a solution to the challenge of taxing the digitalised economy; and The level of administrative burden for taxpayers and tax authorities on implementation of the various proposals in the consultation document is also of concern. The outcome of this review may give rise to significant changes to international tax rules relating to the attribution of profits for intangible assets linked to the user market.  Such a change could have a disproportionate impact on Ireland as a small open exporter economy and this concern forms the main basis of the CCAB-I contribution to the consultation. 

In The Media - 11 March 2019

Monday March 11th, 2019 11:07:02 AM
In his regular column in the Sunday Business Post, Brian Keegan, Director of Public Policy & Taxation discusses how the preoccupation with the backstop has gone beyond dangerous. In the Irish Examiner, Brian discusses the shadow economy, the individuals and businesses who don’t declare income or gains and don’t pay the tax due.

Distributions guidance

Monday March 11th, 2019 11:06:31 AM
Revenue’s guidance covering Distributions has been updated to include references to section 135 (2A) TCA 1997 and section 135(3A) TCA 1997, which relate to “close companies”. Read Revenue’s eBrief.

Payment of interest to EU or tax treaty countries– Revenue’s guidance

Monday March 11th, 2019 11:06:07 AM
Revenue updated its guidance to confirm that advance clearance is not required to treat interest which would fall to be a distribution under section 130(2)(d)(iv) TCA 1997, as interest in cases where interest is paid to residents of tax treaty countries and EU member states.  The guidance also clarifies related tax deductibility of the payments for companies and dividend withholding tax issues.

Tax treatment of legal fees paid by an employer

Monday March 11th, 2019 11:05:35 AM
Revenue’s guidance covering the tax treatment of legal fees paid by an employer on behalf of a director or employee has been updated setting out the conditions that must be met for an income tax charge not to arise in certain cases. . Read Revenue’s eBrief.

Spring Statement later this week

Monday March 11th, 2019 11:05:32 AM
The Chancellor, Philip Hammond, is due to deliver the 2019 Spring Statement on Wednesday 13 March 2019, the day after the next House of Commons vote on Brexit. Whilst the Chancellor’s Spring Statement does not normally contain any tax matters, Brexit will be just 16 days away and the Chancellor may take the opportunity to announce some tax measures. Any tax-related announcements will be covered in next Tuesday’s edition of Chartered Accountants Tax News.

Company charge to Income Tax on loans to participators

Monday March 11th, 2019 11:05:07 AM
Revenue’s close company guidance has been updated to include some anti-avoidance provisions along with changes made by Finance Act 2018 to section 438A TCA 1997. Section 438A TCA 1997 is an anti-avoidance provision which extends the scope of the close company provisions to charge income tax under section 438 TCA 1997 on loans made by a company which is controlled by, or which subsequently comes under the control of, a close company, where such loans would otherwise not give rise to a charge under section 438. Finance Act 2018 inserted a new provision into section 438A TCA 1997 to ensure that certain tax avoidance arrangements, not currently caught by the provisions, will fall within the scope of the section 438 charge. Read Revenue’s eBrief.

Stamp duty land tax payment deadline now 14 days

Monday March 11th, 2019 11:05:01 AM
The deadline for paying stamp duty land tax (“SDLT”) and filing SDLT returns for property acquired in England and Northern Ireland is 14 days after the effective date for transactions on or after 1 March 2019. This change was introduced via a statutory instrument, the Stamp Duty Land Tax (Administration) (Amendment) Regulations 2018.  The deadline for payment of both stamp duty and stamp duty reserve tax is unchanged.

Revenue guidance on investment in corporate trades

Monday March 11th, 2019 11:04:27 AM
Revenue has published guidance on the Employment Investment Incentive (EII), Start-up Capital Incentive (SCI) and Start-Up Relief for Entrepreneurs (SURE) covering investments on or after 1 January 2019.  Revenue's website has also been updated with the new forms and statements required to claim the reliefs. Revenue’s guidance includes the following: The conditions that a company must meet to qualify for the reliefs is explained here, The conditions that an investor must meet in order to claim a relief is set out here The guidance covering share issues pre 1 January 2019 is set out in Tax and Duty Manuals Part 16-00-10 and Part 16-00-11.

Delay in issuing 2017-18 self-assessment late filing penalty notices

Monday March 11th, 2019 11:04:24 AM
According to Agent Update 70, HMRC are delaying the issue of late filing penalty notices for 2017/18 self-assessment returns which were due online by 31 January 2019. These would normally have issued in February but will now be issued before the end of April 2019 at the latest i.e. before the three month daily penalty begins to accrue. HMRC advise that these will issue sooner if the EU Withdrawal Agreement is agreed. This decision is part of HMRC's EU Exit contingency planning which is intended to free up staff in its call centres and back office for EU Exit related work. The late filing penalty is £100 for a tax return which is filed up to 3 months late after which a daily penalty of £10 per day accrues for up to 90 days (maximum of £900). Further penalties are charged for later returns. The penalties for 2017/18 tax returns filed on paper after 31 October 2018 and also after 31 January 2019 are expected to be issued in the usual timeframe.

R&D Tax Credit - updated Revenue guidance

Monday March 11th, 2019 11:03:58 AM
Revenue has updated its R&D tax credit guidance.  Appendix 4 of the guidance sets out a schedule of the updates which include a template file layout to support an R&D tax credit claim, examples of qualifying R&D activities in the BioPharma and Generic Pharma industry, clarification of the treatment of seconded employees and clarification on what constitutes outsourced R&D. Read Revenue’s eBrief.

Agent Services Account

Monday March 11th, 2019 11:03:51 AM
HMRC has now released the functionality which allows overseas tax agents to set up an agent services account (“ASA”). An ASA can also be set up by group tax managers working in internal tax departments in businesses. An ASA is needed for the following HMRC services:- MTD for VAT - including both signing up clients to MTD for VAT and the new online process for authorising new VAT clients; MTD for income tax; and The trust registration service.

The latest Agent Forum posts, 11 March 2019

Monday March 11th, 2019 11:03:11 AM
Check out the latest items on the Agent Forum. Remember, in order to view each item you must have signed up for and be logged in. All agents, who are a member of a professional body, are invited to join HMRC’s Agent Forum. This dedicated Agent Forum is hosted in a private area within the HMRC’s Online Customer Forum. You can interact with other agents and HMRC experts to discuss topical issues and processes.

Brexit Bulletin, 11 March 2019

Monday March 11th, 2019 11:02:55 AM
A big week of votes is planned for the UK Parliament with the first vote due to take place on the withdrawal bill tomorrow. There is still no concrete sign from the UK or Brussels of any breakthrough on the backstop.  Brexit is now just 18 days away and the UK and Irish tax authorities are continuing their campaigns to get traders ready for a no-deal. The Institute has created a hub for members to read all published guidance from the UK, Irish and EU authorities to help prepare for the possibility of a no-deal Brexit.   HMRC and Revenue continue efforts to get traders to prepare for a no-deal Brexit HMRC has written again to 135,000 UK traders that currently trade outside of the EU outlining changes to customs procedures and VAT for UK-EU trade in the event of a no deal. The letter says that even though UK customs processes for trade with the rest of the world will not change, traders may need to adapt their systems and processes.   HMRC has also written several times to the 145,000 VAT registered UK traders that currently only trade with the EU setting out actions they should take to prepare. The letters also outline the support that is available on gov.uk to help them prepare. Readers are reminded of the EU Exit Partnership Pack that includes step by step guidance on key actions that need to be taken by UK importers and exporters to prepare for a no-deal Brexit.   GOV.UK includes a dedicated ‘Prepare your business for the UK leaving the EU’ tool that ask businesses seven questions about the nature of the trade they carry out before presenting the relevant guidance to inform their preparations. In Ireland, Revenue has the following advice for businesses that trade with the UK: Apply for your customs (EORI) registration or get your agent to apply on your behalf. Ensure you, or an agent on your behalf, have the facility to make a customs declaration. Know the Commodity Code of your goods or products you will import or export. No deal guidance The Institute has created a dedicated hub on its Brexit webpage which collates guidance and information leaflets produced by the UK and Irish governments and the EU to help businesses and people prepare in the event of a no-deal Brexit.  The page will be updated as information is released by the authorities.   You can also read the practical customs guide prepared by the Institute and ICAEW using this link.   Read all our Brexit updates on our Brexit web centre. British Library: Preparing for Brexit webinars The British Library is hosting webinars as a part of a Preparing for Brexit series delivered by BEIS. This is designed to help businesses prepare in the event of leaving the EU on Friday 29 March 2019 without a deal. The topics cover: workforce and people, regulations and standards, digital and data, importing and exporting, business legal requirements and intellectual property. Business Legal Requirements (including audit and accounting matters) – 12:00pm – 1:00pm on 19 March 2019 Regulations and Standards – 10am-11am on 12 March 2019 Digital and Data – 11am-12pm on 14 March 2019 Importing and Exporting – 1:00pm-2:00pm on 18 March 2019 Intellectual Property – 11:00pm-12:00pm on 20 March 2019   






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