Chancellor announces new plans to help businesses that trade with Europe (prepare for October 31)
HMRC is stepping up efforts to ensure businesses are ready to trade post-Brexit by automatically enrolling companies in an important customs system and doubling the numbers registered, the Chancellor announces today (Wednesday, 21 August).
More than 88,000 VAT registered companies across the UK will be allocated an Economic Operator Registration and Identification (EORI) number in the next two weeks in order to keep trading with customers and suppliers in the EU after the UK has left.
72,000 companies have already registered for EORI numbers. With Brexit preparations accelerated under the new government, ministers are taking decisive action to speed up the rollout of the scheme to help ensure the smooth transit of goods.
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.
If businesses do not have an EORI number post-Brexit, they will be unable to continue to trade with EU Member States.
Letters informing businesses of automatically allocated EORI numbers will start arriving today as the Government steps up efforts to ensure the UK is ready for Brexit.
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Published: 21st August 2019
Story Link: https://www.gov.uk/government/news/chancellor-accelerates-brexit-preparations-for-businesses