You Still Need an EORI Number Even If You're Not VAT Registered!
Without one, you can't trade with the EU post-Brexit ...
POSTED BY ROGER EDDOWES ON 30/09/2019 @ 8:00AM
Last time, we blogged about all VAT-registered businesses automatically getting an EORI number to trade with the EU post-Brexit, but it's worth stating that businesses who are not VAT-registered must apply for their own EORI number ...
Don't forget your EORI number if you want to trade with the EU post-Brexit!
copyright: andreykuzmin / 123rf
An EORI number is a unique ID that is allocated to a business that allows them to be identified by customs when doing business with other traders. Businesses who already trade outside the EU will have an EORI number, but as of 31st October, you'll need one to trade with the European Union too.
These Economic Operator Registration and Identification (EORI) numbers have been allocated to more than 88,000 businesses who are VAT-registered across the UK. And that was automatic, but non-VAT-registered businesses need to apply for one themselves.
"If they don't, they will be unable to trade with the EU
after the 31st October 2019!"
Once you have your EORI number, you must decide whether you will complete customs declarations yourself, or employ a customs agent to do it for you. You must also decide if you want to apply for Transitional Simplified Procedures to make importing from the EU easier.
So, at least businesses are now clear about the steps they need to take to continue trading with the European Union post-Brexit, but remember that if you're not VAT-registered, you'll need to apply for an EORI number yourself and also decide if you want to use a customs agents and Transitional Simplified Procedures.
"Would you like to know more?"
If you'd like to find out more about EORI numbers and trading with the EU post-Brexit, do give me a call on 01908 774320 or click here to ping me an email and let's see how I can help you.
Until next time ...
If you're looking to work with a leading firm of accountants, then why not visit our website which you can find at www.essendonaccounts.co.uk and let's see how we can help you!
More about Roger Eddowes ...
Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
More blog posts for you to enjoy ...