Since 1 January 2021, the UK is no longer a part of the EU’s Single Market and Customs Union, which has implications around VAT for businesses operating in the Republic of Ireland that import from the UK. The Irish government has introduced a facility called postponed VAT accounting for VAT registered businesses to avoid the payment of import VAT at the point of entry.
This new measure allows you to record the VAT on your VAT return rather than paying it at the point of entry into the State but will not apply to goods brought in from Northern Ireland.
For the past number of weeks, headlines have highlighted the negative impact of the new Trade and Co-Operation Agreement (TCA) that has come from Brexit. However, in the words of Albert Einstein “In the midst of every crisis, lies great opportunity”. Read on to discover five such opportunities that you could capitalise on.
The scheme announced by Fáilte Ireland is for the tourism sector and is called the Tourism Business Continuity Scheme. The allocation of funds for this scheme was announced during Budget 2021 and delivers a small reprieve for the struggling industry.
Under the €55 million fund, businesses can apply for grants of between €3,750 and €200,000. To be eligible for the scheme, a business must:
Applications opened on February 11th on www.failteireland.ie/ business-continuity-scheme.aspx
The hazards involved in economic forecasting have been highlighted in dramatic fashion over the past year. While reviewing the equivalent piece I wrote this time last year, two statements stand out, that remind me once again of the futility of economic forecasting.
Firstly, in relation to the international outlook, I expressed a view that a hard Brexit would be avoided, and that the US/Chinese trade spat that had dominated 2019, would ease ahead of the US presidential election. I concluded based on these assumptions that ‘despite all of these uncertainties, mainly related to global geo-politics, it is more likely that global growth will be stable or slightly stronger over the coming year’.
With many companies faced with ecommerce as their only option to trade, it is important to be aware of the legal responsibilities when selling online. If you are running a business which trades over the Internet, it is important that you have terms and conditions which comply with the requirements as set out in the Consumer Information Regulations and the Ecommerce Regulations, in addition to any obligations you have under The Sale of Goods and Supply of Services Act 1980.
Some points that you may overlook when developing your business online is that a website makes you globally accessible. Restrict your delivery services to areas that permits the sale of your goods as transactions are subject to local laws.
The other aspect that needs to be considered is General Data Protection Regulation (GDPR). This is a minefield to work through but at a basic level, you need to have permission to collect and hold the information and identifying details of your website users and clients. It should not be a deterrent to utilising online selling