There are certain pertinent changes that companies should be aware of since the depature of the United Kingdom from the European Union (EU). For instance, if a firm registered in the Republic of Ireland wishes to continue doing business with players in the UK post-Brexit, the non-EU trade laws will probably hold.
Explaining the Essentials of an EORI Number
An Economic Operators Registration and Identification (EORI) number is utilised for registration purposes and serves as identification for companies trading in the EU region. It helps in facilitating exports and imports to and from the EU. Entities headquartered in the UK need to have a UK EORI number to continue trading with companies stationed in the EU after Brexit. An EORI is an essential necessity when settling import and export matters with custom authorities in EU nations and the allocated classification code will be a basis on which the amount of Customs Duty is ascertained.
Who Requires an EORI Number?
- Companies based in the Republic of Ireland and EU
Firms in Ireland and other EU-based entities that conduct business in the UK have to adapt to new post Brexit regulations. The procurement of an EORI number is one such step. This number will be a crucial requisite for imports and exports of merchandise from the exterior of the EU.
- Companies based in the United Kingdom
It is similarly vital for UK entities to acquire EORI numbers, as they will be a necessity to import or export various types of merchandise with countries in the EU. The EORI number for UK firms starts with “GB”.
Important Reminder: There is no need for an EORI number for businesses selling or purchasing merchandise between the Republic of Ireland and Northern Ireland.
Importing Goods from Beyond the European Union
Parties that need to import merchandise from a nation that is not part of the EU have an obligation to acquire an import declaration and their imports will be under the statutes of the customs authority. Such a provision may inevitably lead to the incurring of Value Added Tax (VAT) charges or customs duties.
Exporting Goods to a Nation outside the European Union
When companies export merchandise to a nation that is not part of the EU, it is mandatory to acquire an export declaration. The goods will similarly be under the regulation of the customs authority.
Other Important Details
The Revenue Commissioner is responsible for apportioning the EORI numbers to firms and may choose to affiliate it with that businesses’ VAT numbers currently in effect.
It's recommended to get assistance from skilled and qualified professionals who can expedite the acquisition of the EORI number. Some of these consultants and law professionals can help you procure your EORI number in a space of two to three business days. Our highly experienced and well-informed team is ready to answer all your questions and give you all the help you might need. Get in touch with them for further details.