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There’s no escaping the fact that the UK’s impending departure from the European Union will trigger changes for businesses.

Despite the conversations, there’s still uncertainty about what will actually happen, making it difficult to plan.

The British Chambers of Commerce published a comprehensive checklist, and HMRC have an online tool to help you decide what you may need to do to prepare.

To help you find your way through the legal language, check out our business jargon buster for Brexit.

What is an EORI number?

This stands for Economic Operator Registration and Identification number. If your business involves moving any goods in or out of the EU, you will need an EORI number.

HMRC use this to make sure they collect the right amount of duty on your goods. Without one, they might not be able to clear your goods, causing delays and extra expense.

You will need an EORI number that starts with GB to be able to continue doing business with the EU.

To apply for an EORI number, and to read more about the requirements, visit the GOV.UK website.

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Transitional Simplified Procedures

Also known as TSP, these were a temporary measure to help UK businesses that import goods from the EU. These measures were suspended as of 30th January 2020.

Businesses trading outside of the UK must make import declarations and pay duty to release goods from customs control.

Having TSP in place meant businesses didn’t have to give as much information on the import declaration straight away, for the goods to cross the border. It also meant they were able to defer duty payments.

Making a customs declaration

There are couriers or freight forwarders who will make customs declarations on your behalf. To do it yourself using third party software, the Customs Handling of Import and Export Freight (CHIEF) is the system for trader declarations.

Knowing what you must do

The rules on international trade can be very complex, and it’s always a good idea to make sure you know exactly what your business should be doing. Planning ahead will help you to avoid any delays or unexpected costs. It might well be worth considering using a professional who can help you get everything set up, and as things evolve.

Talk to one of the team about our digital accounting services. Call us on 020 3355 4047, or request a free call back.

About The Author

Elizabeth Hughes

A content writer specialising in business, finance, software, and beyond. I'm a wordsmith with a penchant for puns and making complex subjects accessible. Learn more about Elizabeth.

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