VAT Registered Companies will now be auto-enrolled for an EORI number
National Government has recently announced that the HMRC will allocate more than 88,000 businesses with an Economic Operator Registration and Identification number (also known as an EORI number) within the coming weeks. This aims to double the current number of businesses with an EORI number.
What is an EORI number?
This is a unique ID which is needed to track companies trading within the EU and to collect duties from them.
Only 72,000 businesses out of an approximate 245,000 currently have an EORI number.
Companies will be informed by post with letters arriving promptly, informing the business of its allocated EORI number. If your company is not VAT registered it will need to still manually apply for an EORI number in order to keep trading in with the EU if a no-deal Brexit takes place.
Chancellor Sajid Javid has ordered the Treasury to ramp up the preparations as a solution to concerns that many thousands of SMEs are unprepared for new tariffs and other customs checks which the EU may impose after a no-deal Brexit. Especially as the current UK and EU trade is free of tariffs and other quotas.
Chancellor Sajid Javid says:
“As the Government accelerates its preparation to leave the EU on Oct 31, it’s right businesses are prepared too.
“There can be no time for delay which is why HMRC has allocated thousands of businesses with a trading number to ensure they can continue to trade their goods through Europe from day one.
“This will help ease the flow of goods at border points and support businesses to trade and grow.”
If you are an SME, small business or entrepreneur based in the Black Country region and you are concerned about trading after Brexit – please get in touch with our Business Development team who will be able to support you with any questions or enquiries you may have.
Get in touch with the Black Country Growth Hub:
Call on 0300 770 2245
Or visit into the Wolverhampton office, click here for details
In the meantime, you can visit our Brexit support page to find a variety of resources and information to help you feel more prepared and knowledgeable on the subject of EU trade.