Brexit preparations for businesses
The Hub News Team | 22.8.19
HMRC is stepping up efforts to ensure businesses are ready to trade post-Brexit by automatically enrolling companies in an important customs system and doubling the numbers registered.
More than 88,000 VAT registered companies across the UK will be allocated an Economic Operator Registration and Identification (EORI) number in the next two weeks in order to keep trading with customers and suppliers in the EU after the UK has left.
72,000 companies have already registered for EORI numbers. With Brexit preparations accelerated under the new government, ministers are taking decisive action to speed up the rollout of the scheme to help ensure the smooth transit of goods.
EORI numbers are a unique ID number allocated to businesses that enables them to be identified by Customs authorities when doing business with other traders.
If businesses do not have an EORI number post-Brexit, they will be unable to continue to trade with EU Member States.
Letters informing businesses of automatically allocated EORI numbers will start arriving as the Government steps up efforts to ensure the UK is ready for Brexit.
Chancellor of the Exchequer Sajid Javid said "As the government accelerates its preparation to leave the EU on 31st October, it's right businesses are prepared too.
"There can be no time for delay which is why HMRC has allocated thousands of businesses with a trading number to ensure they can continue to trade their goods through Europe from day one.
'This will help ease the flow of goods at border points and support businesses to trade and grow."
If your business is not VAT-registered, it will still need to register for an EORI number. Information on how to register can be found here.
More useful Brexit advice for business can be found here and you can take part in the Marches Growth Hub Brexit Preparation Survey so we can see just how prepared businesses across our region are.
We'd love to hear your thoughts. Just click here to complete the survey.