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British Rubber & Polyurethane Products Association

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BRPPA Summer Newsletter: BREXIT

Posted on 26 July 2019

We hope you have been enjoying a relative lull in news following the frantic cascade of no deal bulletins in the run up to the abortive exit date of 29 March. Of course, this phoney peace will last only until Parliament gets back to work in the early autumn. Meanwhile it is worth listing one or two key documents you should have to hand in your locker when the skirmishes resume.

 

  •  Sector Primer: Chemicals.

The Department for Business, Energy, and Industrial Strategy (BEIS) has compiled a series of sector primers that brings together to top 3-5 issues of each sector and provide links to more details material on the Government’s website GOV.uk. Click here to read .

 

  • Triage Tool

GOV.UK has an online tool to help businesses prepare for the UK leaving the EU. Businesses can use the Triage Tool to find out:

  • what their business may need to do to prepare for the UK leaving the EU
  • what’s changing in their sector
  • information on specific rules and regulations

Businesses will need to answer seven simple questions to get guidance relevant to their business.

Read more

 

Other points

Quite apart from these particular reminders two further bits of news:

 

  • Accounting and reporting after a no deal exit

The Government has issued guidance on how companies comply with accounting and reporting requirements if the UK leaves the EU without a deal.  They are relevant for companies where a parent company is incorporated in the UK.

Read more:[In broad terms, under these proposals, firms will have to use UK-adopted International Accounting Standards (IAS) not the EU version of IAS for financial years beginning before 31 October 2019 but ending after that date. The Government points out that, for companies with cross-border footprint in the EEA, reporting requirements are not automatically equivalent to the EU’s Accounting Directive]

 

  • Back stop options

A cross-section of business representatives has been appointed by the Government to examine alternative arrangements to the Northern Ireland back-stop. It is difficult to be optimistic that a solution will be found via this route but necessity may be the mother of invention.