TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Brexit – what can businesses do now?

HMRC are urging businesses to apply for an Economic Operator Registration and Identification (EORI) number which will allow them to move goods into or out of the EU. A reminder was also issued that the grant scheme to support training and automation in the customs intermediaries sector closed last month on 31 May. The full update from HMRC follows.

“The Government remains focused on ensuring our smooth and orderly withdrawal from the EU with a deal as soon as possible. An agreement has now been reached with the EU on an extension until 31st October at the latest, with the option to leave earlier as soon as a deal has been ratified.

Although Parliament has rejected leaving without a deal multiple times, this remains the legal default at the end of the extension period. A no deal exit can only happen at the end of the extension period.

In light of the extension, departmental ministers will make sensible decisions about the timing and pace at which some of its no deal preparations are progressing, but we will continue to prepare for all EU Exit scenarios.

There are EU election purdah restrictions in place across government until 23 May, which will limit public facing activity. However, HMRC will be in contact with you in the coming weeks to discuss what the extension will mean for you and your clients/members. When necessary we will update our advice on www.gov.uk/euexit on how people should prepare.

Businesses can also sign up for the latest EU Exit news as it happens at www.GOV.uk/hmrc/business-support, selecting ‘business help and education emails’, then ‘EU Exit’.

If you or your clients/members have already registered for a UK EORI number and for the transitional simplification procedures (TSP) for importers, there is no need to take any action to undo either. Registrations for both are still being accepted.”