Welcome to Menzies’ Ireland desk
A House of Commons briefing paper published in December 2017 stated that in 2016, UK exports to Ireland were worth £26.7 billion, whilst UK Imports from Ireland were £20.8 billion which was a record high. This is the fourth consecutive year UK imports from Ireland have grown.
Trade between the UK and Ireland is at an all-time high and it is becoming increasingly important for a growing number of businesses on both sides of the Irish Sea to look for advise in both the UK and Ireland.
We can support both Irish businesses trading in the UK and UK firms trading in Ireland, through our network of offices in the UK and partnerships in Ireland.
It is an important time in the business world as UK and Irish companies prepare for the impact of Brexit and will need to consider their options carefully as details of Brexit become clear.
IRISH BUSINESSES TRADING IN THE UK
For Irish businesses, the UK is an ideal first-step market for export. The benefits for Irish businesses exporting to the UK include:
- common language,
- same time zone,
- strong transport links,
- similar regulatory and legal framework,
- ideal starter or test export market,
- open economy, used to imports,
- strong bilateral trade between the 2 countries,
- strong economic environment.
We are able to guide Irish businesses on trading with the UK, from initial consultancy advice and discussions about business models through to ongoing advice and support.
As a first step you may find it useful to take a look at our guide, as well as our essential checklist, for setting up in the UK.
UK businesses trading in Ireland
Doing business in Ireland is very similar to doing business in the UK. If your product or service is successful in the UK, there is a good chance you will be successful in Ireland. However, there are certain challenges when doing business in or with Ireland that you should be aware of. These include: competition against a robust domestic market, costs of doing business can be high, obtaining credit etc.
Through our partnership with HLB International we can help you in setting up your business in Ireland from initial consultancy advice to ongoing support and compliance services. We can also make introductions to external service providers such as banks and lawyers.
Our relationship teams provide a single point of contact, with access to a full suite of solutions including:-
LOCAL BOOK-KEEPING
Our Outsourcing team provide full solution support on UK cloud software, or your own systems.
EMPLOYMENT SERVICES
Preparation of employment contracts, handbooks, overseas visitors and local resourcing.
PREPARATION OF VAT RETURNS
Prepared on a quarterly basis, supported as appropriate with EC Sales and Intra-stat reports.
PREPARATION OF CORPORATION TAX RETURNS
Local compliance, supported with QIPs, ATED and CBC Reporting declarations.
PAYROLL SERVICES
Usually payroll in the UK operates on a monthly basis, with mandatory pension requirements.
PREPARATION OF STATUTORY FINANCIAL STATEMENTS
Compliance support, combined with group reporting.
COMPANY SECRETARIAL SERVICES
Maintenance of local registers, filings with the registrar.
AUDIT SERVICES
UK audit requirements are based on group size. Our teams regularly audit UK subsidiaries of global enterprises.
INTERNATIONAL TAX SUPPORT
Our specialist teams can also provide International Tax support including:-
- Transfer Pricing / Valuations
- Advice regarding Intangible and Patents
- VAT/Duty classifications
- Employment taxes