Further to our last Brexit update which you can read here, the Government has confirmed the Chancellor’s intentions to accelerate Brexit preparations for businesses, in an effort to ensure they are ready to trade immediately post-Brexit.
Whereby the initial advice to businesses who trade within the EU was to apply for an EORI (Economic Operator Registration and Identification) number, HMRC have now taken the decision to automatically issue EORI numbers to an estimated 88,000 VAT registered businesses.
What is an EORI?
An EORI number is a unique ID number allocated to businesses that allows them to be identified by the Customs authorities.
Note: even if a business is not VAT registered, it will still need to register for an EORI number if it wishes to import and export post-Brexit.
VAT registered businesses without an EORI number should be receiving notifications via post direct from HMRC.
For further information on EORI please visit https://www.gov.uk/eori
What other preparation does your company require to be ready for Brexit?
You can request your Brexit Business Review here.