Trading overseas after 31 October

Sep
4
Posted 2019 by Chris Davies

“With Brexit looming ever closer it is important that businesses that trade with EU member states prepare now as it is increasingly likely that we will leave the European Union without a deal on the 31 October” explains Maddy Weeks a Manager in our Newbury office.

“In preparation of a no deal Brexit, HMRC will allocate over 88,000 VAT registered businesses with an Economic Operator Registration and Identification (EORI) number. This number is a unique identification number and will allow businesses to be identified by Customs and continue to move goods into and out of the EU post Brexit.”

“An EORI number is a requirement for all traders who move goods into and out of the EU and this includes businesses that are not registered for VAT. Businesses who have exclusively traded within the European Union will not have needed an EORI number to trade with the European Union until now, a proactive approach is encouraged in order to ensure a smooth transition post Brexit. “

“HMRC have already sent out letters notifying traders of their automatically allocated EORI numbers. If you do not already have an EORI number and you do not hear from HMRC with an allocated number you can sign up at https://www.gov.uk/eori

“Once businesses have obtained their EORI number they have to decide whether to complete the customs declaration themselves or get a customs agent to complete the declarations on their behalf.”