HM Revenue & Customs (HMRC) has today written to businesses explaining their regulatory and reporting obligations ahead of the UK leaving the European Union.
The letter, which has been sent to VAT-registered businesses trading with the EU and the rest of the world, highlights the actions to take to prepare for changes to customs and VAT procedures.
The move comes after the Government announced that it will automatically enrol all VAT-registered businesses into the Economic Operator Registration and Identification (EORI) number programme.
An EORI number will enable businesses to continue trading with the EU should the UK leave without a deal in October.
The move came after research revealed that just 72,000 companies had registered as of September, meaning an estimated 88,000 unregistered firms may have been forced to cease trading with EU customers and suppliers.
Commenting on the announcement, Chancellor of the Exchequer Sajid Javid said: “As the government accelerates its preparation to leave the EU on 31st October, it’s right businesses are prepared too.
“There can be no time for delay which is why HMRC has allocated thousands of businesses with a trading number to ensure they can continue to trade their goods through Europe from day one.
“This will help ease the flow of goods at border points and support businesses to trade and grow.”
As well as obtaining an EORI number, HMRC explains that there is a number of other measures businesses can take to prepare for Brexit.
The letter also advises signing up to Brexit notifications here, enabling you to keep up to date with news and developments.
For help and advice preparing for Brexit, please get in touch with our expert team.