What steps can you take to ensure your farm is Brexit ready?
Brexit will have a major negative impact on market conditions, particularly in the case of a No Deal Brexit.
This in turn could impact cash flow on your farm.
There are a few simple steps that farmers can take to ensure they are Brexit-ready.
In the event of a No Deal Brexit, there will be customs checks on trade in food and animal products, and tariffs due on exports to the UK and imports from the UK.
These additional Brexit costs of trade will have an impact on prices of farm output and farm inputs.
In difficult market conditions, we should not lose focus on technical efficiency on all farms.
A No Deal Brexit could mean that you will have more livestock on your farm than normal.
You should talk to your Teagasc advisor about how to manage your fodder and finances should this situation arise on your farm.
If you sell milk or animals (cattle, sheep, pigs or poultry) for slaughter to processors located in the UK (including Northern Ireland) you should immediately contact your factory customer and enquire about their plans for a No Deal Brexit.
Review your farm’s supply chain: contact your suppliers, such as vets, animal feed merchant and your local co-op to discuss maintaining supplies of goods and services to your farm in the event of a No Deal Brexit.
Avoid large unnecessary investments, but if you have to make an investment on your farm, talk to your bank/advisor and carry out a thorough price sensitivity analysis.
A cash flow plan for your farm business can be drawn up with the help of your Teagasc advisor, agricultural consultant, or accountant.
If moving animals, plants, products of animal/ plant origin into, or out of the UK (including Northern Ireland) you should register with the Department of Agriculture, Food and the Marine (DAFM).
Be socially active – talk to your neighbours and friends, attend discussion groups, local events, farm walks and discuss what you and they are doing to get Brexit ready.
Farmers find solutions when they work together.
Utilise all current Government facilities, programmes and supports.
All Brexit information can be easily accessed on the www.gov.ie website.