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Brexit – impact on ICAEW members

Find a range of resources to help prepare for Brexit. ICAEW is working to ensure that the profession is able to work as seamlessly as possible in the public interest across Europe and beyond.

Preparing for Brexit

Inventory planning and Brexit

Brexit provides an opportunity for businesses to consider the information they hold on their supply chains/inventory as well as their approach to continuity planning. Read our guide to assist you in balancing the costs of these exercises with the potential benefits.

Accountancy profession

Brexit: Removal of audit rights in Ireland

ICAEW has received an indication from the Irish audit authorities that they interpret the Audit Directive to mean that non-Irish resident accountancy firms currently on the Irish Audit register, are unlikely to retain automatic audit rights in Ireland after 29 March 2019 in the event of a no-deal Brexit. Your firm will be directly affected by this.

Implications of Brexit

Analysis: how EU law affects business

Trading models after Brexit

ICAEW guide intended to help you understand how Brexit might impact on trade between the UK and the EU and the rest of the world. Our guide is aimed at ICAEW members in exporting or importing businesses or advisors to those businesses.

Brexit analysis

Technical guidance

Webinar: Audit-related Brexit issues

What are the short term considerations for auditors in the lead up to Brexit? This webinar will cover audit risk factors, corporate reporting considerations for auditors, auditing standards considerations, and key questions for a consistent audit approach. It will be available on 11 March 2019.

Brexit: Removal of audit rights in Ireland

ICAEW has received an indication from the Irish audit authorities that they interpret the Audit Directive to mean that non-Irish resident accountancy firms currently on the Irish Audit register, are unlikely to retain automatic audit rights in Ireland after 29 March 2019 in the event of a no-deal Brexit. Your firm will be directly affected by this.

Brexit grants for customs declarations

Once the UK leaves the EU, businesses will need to complete customs declarations for goods crossing the UK border – unless a deal is reached that provides otherwise. However, funding to help with completing the customs declaration forms has been made available by HMRC.

Brexit strategy and financial planning

Brexit and every element of your associated strategy, will impact upon the finances of your business. Depending on the outcome of the UK’s future relationship with the EU there are likely to be customs, VAT and currency implications which will put an enhanced focus on cash flow due to the potential for extra administration and costs of doing business.

Looking ahead to 2019

Frank Haskew, head of the ICAEW Tax Faculty, looks back over the events of 2018 – Making Tax Digital, off-payroll working rules for the private sector, the role of HMRC – and what might happen in post-Brexit Britain in 2019.

GDPR

The General Data Protection Regulation (GDPR) came into force on 25 May 2018. It applies to everyone trading within the EEA (including UK individuals and organisations).

Brexit implications for transactions

If your business is contemplating a transaction early in 2019 – before or after the UK’s exit from the European Union (EU) on 29 March – you should be aware of possible arrangements that may come into effect at the date of exit.

What's the plan for preparing for Brexit?

What should you consider in the event of a Brexit no deal? Read Corporate Financier's "What's the plan" (pp27) to find out what corporate investors and advisers are saying.

Useful resources from the government and other organisations

Information on a no-deal scenario

A collection of information and guidance on a no-deal scenario from external sources, including published material from the UK Government, EU and other organisations.

Practical guides to Brexit

This page contains a list of externally produced resources which offer practical advice on the impact of the decision to leave the EU and opportunities for future business.