Following the end of the transition period on January 1st 2021, the UK are now outside of the EU customs union. This requires UK businesses to apply for an EORI number if they rely on trade with EU countries.
What is an EORI number?
An EORI number is an identification number used by business for import and export. This number not only proves that you are a registered and licensed trader, but allows you to make customs declarations, apply for a customs decision and use import/export systems such as CHIEF and ICS NI.
Do I need an EORI number?
If your business is importing or exporting goods between the UK and the EU, or indeed between Great Britain and Northern Ireland, you will need to get an EORI number. Without one, you will not be able to trade goods between these countries, and may find yourself facing fines or added restrictions, or having your goods confiscated until you can provide your EORI number.
Different EORI numbers can be required for moving goods to or from specific countries. In addition, if your business is based in several countries, you will need to obtain an EORI number for each country of operation.
How to get an EORI number that starts with GB
As a UK business, you will need to apply for an EORI number that begins with the country code ‘GB’ if you wish to export goods to or import goods from any overseas country. You can apply for this through the UK government website, and will need to provide the following information:
- UTR (Unique Taxpayer Reference)
- Government Gateway User ID and Password
- Business start date
- SIC (Standard Industrial Classification) code
- VAT number and date of registration
In addition, if you are an individual or sole trader applying for an EORI number, you will need to provide your National Insurance number.
How to get an EORI number that starts with XI
If your business is exporting goods from Great Britain to Northern Ireland, you will also need to apply for an EORI number beginning with ‘XI’. Again, this can be obtained through the government website and can only be applied for if you have your GBP EORI number.
How working with a foreign exchange specialist can help your business
In the post-Brexit landscape, much remains uncertain for businesses, creating volatility in the currency markets. This can significantly affect the value of your international business payments and currency balances. By working with a foreign exchange provider such as moneycorp, you’ll receive expert guidance and a wide range of FX tools to help you hedge your currency risk and protect your finances.
Speak to one of our specialists today to find out how we can offer a solution tailored to your business needs.