CAROL LY N C H
Customs Union and Single Market. Regardless of the current ‘negotiation crisis’, time is limited and Irish businesses must act now to protect themselves.
The most important thing businesses can do right now is map out their supply chain, understand their UK purchases and sales, and assess the impact of both of these on tax duties and logistics.
For example, if you buy plastic packaging from a UK supplier to import to Ireland to use in your production, you have a risk of 6.5pc duty (if there is no free trade agreement).
More importantly, however, you will have to lodge an export declaration with Her Majesty’s Revenue and Customs (HMRC) to export the