Local accountant buckingham get ready for brexit

VAT registered businesses

HMRC have issued an update to help VAT registered businesses that trade with Europe prepare for when the UK leaves on the 31st January 2020.

31st January 2020

After the 31st January the UK will no longer be part of the European Union. There will be an implementation period that will last until 31st December 2020 where there will be no changes to the terms of trading with the European Union (or the rest of the world). This is providing the EU does not make any changes to it’s rules and customs procedures.

31st December 2020

From the 1st January 2021 there will be changes in the way the UK trades with the European Union. New customs arrangements will be brought in. If your VAT registered businesses trade between Great Britain and the European Union then customs declarations will need to be made in order to import and export goods.

EORI Number

To trade with the European Union once the implementation period ends businesses will need an EORI number (Economic Operator Registration and Identification number). Beginning with letters ‘GB’ this will be needed when submitting customs declarations.

Register for an EORI number here

Customs declarations can be made either by the company or a customs agent can be used.

HMRC will keep businesses up-to-date with further information and guidance as we progress into the implementation period and as the negotiations progress. To receive emails with updates and guidance sign up online

Contact AJR & Co Ltd to arrange a free 30 minute consultation.

Subscribe to our Newsletter

Keep Up-to-date with the latest TAX And Accountancy news

Limited company Formation

From AJR & Co Ltd