If the UK crashes out of the EU with no deal, many UK businesses will need to apply the same processes to EU trade that apply when trading with the rest of the world. For instance, they will need to register for an Economic Operator and Registration Identification number, commonly referred to as an EORI number.
HMRC is warning UK businesses that have only ever traded inside the EU that they will need to have an EORI number to continue their EU trading.
Worryingly, the latest figures from HMRC indicate only 17% of potentially affected businesses have registered for an EORI.
If you think that your business could be affected and you do not already have a UK EORI number, you’ll need to get one to import or export goods with the EU from 11pm UK time on 12 April 2019.
Warning: It could take 3 days to get a UK EORI number, so you should apply now.
You/your business should apply, if:
- you’re a sole trader who is resident in the UK;
- your company or partnership has a registered office in the UK;
- your company or partnership has a permanent place of business in the UK where they carry out their business activities.
Businesses that import goods into the UK from the EU may register for (TSP), Transitional Simplified Procedures, to allow import without having to make a full customs declaration at the border and to postpone paying any import duties. For imports using other locations, and for exports, standard customs declarations will apply.
Mel Stride MP, Financial Secretary to the Treasury, stated, “We want businesses to be able to continue trading with minimal disruption in any scenario, but we also know that people tend to leave things until the last minute and we would urge against that.”