As preparations for the UK’s departure from the EU intensify, procurement professionals should ensure they are aware of the requirements to register for an Economic Operator and Registration Identification (EORI) number.
Late February’s announcement that UK businesses will be able to continue to trade with members of the GPA in the event of a ‘no-deal Brexit’ is undoubtedly welcome. However, businesses need to take steps to make sure that they will individually be able to do business internationally after 29th March. The primary requirement for businesses looking to continue to work with the EU will be to have an EORI number.
An EORI number is a requirement for moving goods into or out of the EU. The purpose of an EORI number is to allow HMRC to identify your company and collect the appropriate duties. If you do not have an EORI number, you may face delays and even increased costs, for example storage fees if HMRC cannot clear the goods involved in your transaction.
In the event that the UK leaves the European Union without a negotiated deal, you will need an EORI number to continue trading with the EU. This requirement will be effective as of ‘exit day.’
You can apply for an EORI number now even if you do not use it. While the situation around a potential deal between the UK and EU remains dynamic, the possibility of ‘no deal’ means that businesses that currently work with the EU may want to consider the importance of an EORI number. The Government advises that the application process should take less than ten minutes. Ensure that you have all the information you need to apply by viewing the Government’s advice here.
To learn more about how public procurement could be affected by various possible Brexit scenarios, click here to view BiP’s updated factsheet, ‘Procurement After Brexit: Deal or No Deal.’
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