This year the 31st of October is set to bring the UK much more than pumpkins and treats. Instead, this year’s Halloween has been hijacked by the Brexit deadline day. Which is sure to still bring the chance of a few frights. Brexit has been something nobody has been able to avoid, despite some best efforts. But now we’ve reached the deadline countdown it’s time to listen up and take action. With 10 days to go its time to make sure you and your business don’t miss a trick in getting Brexit ready. We may not understand all the details that will co-inside with the 31st of October departure. But what we do know is that for those who are VAT-registered and trading with the EU terms will change. There are a few first steps in which these businesses and individuals can make in preparation. Read on to find out who needs an EORI number & what it means for your business.
Get Brexit Ready
Each business will need a UK EORI number with including the ‘GB’ prefix.First things First you will need a UK EORI number
If you are a UK VAT-registered business, the Government has most likely already written to you. Letters issued by the Government outline potential changes to customs and VAT, in response to the UK leaving the EU without a deal.
In response to the notion of the UK leaving the EU without a deal, the government has issued letters of action. The letter outlines some of the potential changes to customs, excise and VAT. The changes include the need for UK Economic Operator Registration & Identification number (EORI). To continue EU trade post-Brexit all businesses must now register for an EORI. Without an EORI number, moving any goods in or out of the UK post-Brexit (31st October 2019) will be unlikely.
What is an EORI number?
Within the proposed Brexit outline an EORI number will be mandatory for all UK to EU trade. Up until now, only traders who trade out-with the EU need an EORI. But, if the UK leaves the EU with a no-deal in place we will lose our current EU trading rights. Thus all UK businesses will then need to apply the same processes to EU trade that they would the rest of the world.
For example
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If you are a business that buys any items from EU countries
OR
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A business who sells products to customers within EU countries – even if it is as little as once a year.
As it stands, you will be affected by the new import and export arrangements and must apply for your unique EORI.
How do you get an EORI number?
If you are a VAT registered business, you’re most likely to have already been issued with an EORI number. If you have any doubts or concerns that you have the correct EORI number you can check online.
To Check
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Input your business VAT registration number into the checker here with ‘GB’ as a prefix to find out.
If you do not have a valid number, your business can still apply for one here before the 31st October. The form is simple to complete and shouldn’t take more than 10 minutes.
Once you know and have your EORI number set up you are ready to go. Your business will now be able to take its next steps into trading post-Brexit.
If you have any further questions on the changes Brexit may make to your business or are need support managing your accounts and taxes in preparation, please get in touch here
