The UK left the European Union in January 2020. Following this, the UK has been in a transition period which ends on 1st January 2021. Read on to see how Brexit will affect your business.
If your business trades with the EU, there will be changes to customs, tariffs and VAT. As negotiations are still ongoing, we don’t yet know what those changes will be. However, you can prepare now by getting a UK Economic Operator Registration and Identification (EORI) number.
Click here to apply for one and continue to trade with the EU. It can take up to a week to get one so do it now to avoid any delays. You don’t need at EORI if you provide services or move goods between Ireland and Northern Ireland.
If you already have an EORI, you just need to check whether it has GB at the start. If it does not then you need to apply to get a new one as it needs to have a ‘GB’ prefix. But you can’t just add a ‘GB’ prefix to an existing EORI, you need to apply for a new one, using the same link above.
You will need the following to apply for an EORI number:
Applying takes five minutes.
The process to either, import goods from, or export goods to the EU will be changing as of 1st January 2021.
There are some key areas in which Brexit will impact businesses and these are as follows:
Some types of businesses may benefit from Brexit. A good example is currency trading businesses, which can take advantage of the volatility of the financial markets. Another example is export businesses – especially if the pound goes down.
In conclusion, Brexit will present both challenges and opportunities for businesses. The important thing now is to do thorough research to find out how Brexit will affect your business and to plan accordingly.
If you would like to discuss any of the issues raised in this article, please do not hesitate to get in touch with our experienced team who will be happy to assist you.
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