Preparing for Brexit – Do you trade within the EU?

21st March 2019

Your 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

 



 
Other items in Blogs
 
Jaimie King
13th June 2019 Charity fundraiser flies high for the Air Ambulance

                        On 8th May, friends and colleagues got together for a Paint Night in aid of East Anglian Air Ambulance. Rosey Hancock, a local artist, taught the class step-by-step how to paint a wonderful lion on canvas. All attendees thoroughly enjoyed the event and…

Read More »

Ruth Pearson
10th June 2019 Employee vehicles: Mileage Allowance Payments (MAPs)

MAPs are what you pay your employees for using their own vehicle for business journeys. You can pay your employees an approved amount of MAPs each year without having to report them to HMRC. To work out the approved amount, multiply your employee’s business travel miles for the year by the rate per mile for…

Read More »

Scott Butcher
7th June 2019 Making Tax Digital – when you need to sign up and what you’ll need

We are now two months past the start date of the 1st April 2019 for Making Tax Digital for VAT and into the last month of what will be some businesses first VAT quarter under Making Tax Digital. Some businesses may not be aware that even though they may be on MTD compliant software that…

Read More »

Jaimie King
7th June 2019 Digitalising stocktaking

As the world becomes more digital, it leaves us wondering where further efficiencies could be achieved through switching to more high-tech methods. One possible area for auditors is stocktaking. For an audited entity with significant levels of stock at the year end, it is likely the auditor will want to perform test counts of the…

Read More »

Jonathan Moore
6th June 2019 Don’t take record keeping for granted

It is common for entities who undertake research and development to receive grant funding for projects that they undertake. Grants will often be paid on the basis of expenditure incurred or a proportion thereon and may be awarded with certain conditions attached.   One such condition for grants above a certain level will be the…

Read More »

Ruth Pearson
30th May 2019 Company Cars : Advisory Fuel Rates (AFRs)

Use AFR’s to work out mileage costs if you provide company cars to your employees. These rates apply from 1 June 2019.   Advisory fuel rates from 1 June 2019 Engine size Petrol  LPG – amount per mile 1400cc or less 12p 8p 1401cc to 2000cc 15p 9p Over 2000cc 22p 14p   Engine size…

Read More »