UK government prepares businesses for Brexit
Posted on in Business News
The Chancellor has announced that HMRC will be stepping up efforts to ensure businesses are ready to trade post-Brexit. This will be done by automatically enrolling companies into an important customs system and doubling the numbers registered.
This decision has lead to more than 88,000 VAT registered companies across the UK being automatically allocated an Economic Operator Registration and Identification (EORI) number in order to keep importing goods and trading with customers and suppliers in the EU after the UK has left. 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, without one a business would be unable to continue to trade with EU Member States.
Previously, businesses were responsible for applying for EORI numbers themselves, and while 72,000 businesses had already done this, there remained to be growing concern that many were yet to do so. The Government will now no longer require trade groups and businesses working with the Government on Brexit preparation to sign Non-Disclosure Agreements (NDAs) in order to allow constructive debate, transparency and change of information. NDAs will now only be used if strictly necessary.
The Chancellor has been determined to grip Brexit preparations, allocating an extra £2.1 billion for government departments last month to prepare for no deal, doubling Brexit funding for this year.
For more information and to find out how these announcements can affect your business, visit the Government website.