It has become apparent that most businesses that import and export goods only to the EU are unaware that they will need to register for an EORI (Economic Operator Registration and Identification) number to continue trading with the EU in the event of a no-deal Brexit scenario.
Businesses that have previously traded only within the EU have not historically required an EORI number, however those businesses who already import and export goods outside the EU will have been required to have a EORI number.
The EORI number is used by HMRC to identify traders and to collect duty on goods. The EORI number begins with GB and is 12 digits in total. It will incorporate your VAT number if you are VAT registered.
HMRC data suggests that only 70,000 of an estimated 240,000 affected businesses have registered for an EORI number.
The process to apply for an EORI number takes less than 10 minutes. To avoid delays closer to 31 October, we would suggest that clients who think they may be affected get in touch today to discuss what they need to do.
If you have questions about this, or any aspect of doing business overseas please contact us.