Preparing for Brexit – Do you trade within the EU?
21st March 2019Your UK business may need an Economic Operator Registration and Identification (EORI) number if we leave the EU with no deal.
What is an EORI number?
An EORI number is a unique identifying number assigned to individual importers and exporters to track trade between the EU and non-EU countries. It’s used during Customs processes to monitor goods movements, who’s responsible for imports and exports and any special reliefs applied. You or your freight forwarder or agent will use your EORI number when making Customs declarations.
What if I don’t have one?
If you currently import or export goods outside the EU, you almost certainly have an EORI number, as if you try and move goods into or out of the UK to a third country without an EORI number, they simply won’t clear Customs. Your goods will be held until you supply the proper paper work, which could mean big delays and additional charges. Freight forwarders won’t try and move goods without one.
After a No Deal Brexit, trade with the EU will be on the same terms as any other country. This will mean that import and export entries will be required, and that Customs Duty and VAT may be payable on entry. If you currently only move goods within the EU, you’ll need an EORI number to continue to import or export goods to and from the EU after 29 March 2019.
The process is slightly different depending on whether you are VAT registered or not and whether you will import or export goods. It is worth noting that if you’re not currently VAT registered in the UK but move goods in and out of the EU you may need to review this because of Brexit and it would be sensible to take advice now.
It takes roughly 5 to 10 minutes to apply. Act as quickly as possible by following the link below:
https://www.gov.uk/guidance/get-a-uk-eori-number-to-trade-within-the-eu
Disclaimer - All information in this post was correct at time of writing.
