Economic Operator Registration Identification
As a UK business, you will need an ‘Economic Operator Registration Identification’, EORI number, to trade with the EU, after Brexit.
If There is A ‘No-Deal’ Brexit
In the event that the UK leaves the EU on 31 October 2019 without a deal, your business will need an EORI number, that starts with GB, to move goods in and out of the UK. An Economic Operator Registration Identification consists of a 12-digit number following the GB prefix. It includes your VAT registration number where your business is VAT registered.
How Do You Get An EORI number?
Depending on whether your business is registered for VAT, your number may be issued automatically or, where this is not the case, your business can apply for one.
When is your EORI number issued automatically?
In August and early September, HMRC sent out Economic Operator Registration Identification numbers automatically to businesses that are registered for VAT and which had not previously applied for an EORI number. If you are VAT registered, check that you have received your number.
How do you apply?
Where your business is not registered for VAT, and it is likely that you will want to move goods in and out of the UK post Brexit, you will need to apply for an EORI number. You can apply for it online. The process is straightforward and should take you less than 10 minutes, with your number being sent out within 5 working days. Unless, HMRC need to undertake additional security checks.
Do You Trade with Ireland?
An EORI number is not needed if goods are only moved between Northern Ireland and Ireland. However, you are required to have one for imports and exports that move directly between Ireland and Great Britain, without going through Northern Ireland.
EU EORI Numbers
If you want to trade with the EU post-Brexit, you will need an Economic Operator Registration Identification number, starting with the country code of the EU country that you wish to trade with. This should be obtained from the Customs authority of the EU country that your business will first trade with, post Brexit.
Stay Up To Date
Lotuswise Chartered Accountants and Business Consultants can help you and your business succeed. To find out how, please contact us. To also get even more useful business and finance information and tax advice tips, check out our app on Google or Apple stores.
Watch the video here.