25th September 2019
By Steve South, Partner
HMRC is doing its best to help businesses get ready for Brexit with its proactive stance on EORI numbers.
Why having an EORI number will be vital post Brexit
Firstly, what’s an EORI number? It stands for Economic Operator Registration and Identification number. This number will be necessary to enable UK businesses to continue to trade with EU customers and suppliers post Brexit.
HMRC is automatically allocating EORI numbers
While 72,000 UK businesses have already registered for EORI numbers, HMRC is now allocating numbers to VAT registered businesses. Furthermore, it is automatically enrolling them in the customs system. Their aim is to speed up the rollout of the scheme and help ensure the smooth transit of goods once we leave the EU.
How does it work?
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. HMRC has warned that if businesses do not have a number post-Brexit, they will be unable to continue to trade with EU Members States.
Our advice is that if you have not already received an EORI number and your business trades with EU Member States, then contact HMRC as soon as possible and register. You can apply online: www.gov.uk/eori. If you need any assistance with this or have any queries, the Wise & Co team is here to help.
About the author
Steve joined Wise & Co in 1989 where he trained and qualified as a chartered accountant. He is now a general practice partner, as well as the firm’s IT partner. Steve’s experience spans a range of industry sectors and businesses of varying sizes. VAT and property remain of particular interest to him and he has advised many investors and developers alike on VAT planning and recovery. He has also been involved with many mergers and acquisitions and has assisted clients with the sale of their businesses.
