HM Revenue & Customs is urging for UK firms to prepare and consider the three steps needed to ensure their businesses can continue to trade with the EU if we are to have a no deal Brexit.
The first step will have businesses needing to register for an Economic Operator and Registration Identification (EORI) number.
Those who have only ever traded inside the EU will not have one, and in the event of a no deal exit, businesses will be unable to continue trading with the EU without an EORI number. According to HMRC figures, just 17% of business have registered for one.
The second step after receiving an EORI number is for businesses to consider how they want to make customs declarations. Businesses can appoint a customs agent if they want someone else to do it. Most businesses with customs obligations choose to use a customs agent.
For businesses that import goods into the UK from the EU using roll on, roll off locations, they can take a third step and register for new Transitional Simplified Procedures (TSP). TSP will allow businesses to import without having to make a full customs declaration at the border, and postpone paying any import duties. For imports using other locations, and for exports, standard customs declarations will apply.