Customs Duty
EORI numbers issued by HMRC for Customs
EORI numbers issued for Customs by HMRC In order to try and ensure that businesses are ready to trade post-Brexit, HMRC is issuing Customs EORI numbers to businesses and automatically enrolling them in the customs system. HMRC has confirmed that more than 88,000 VAT-registered businesses across the UK will be allocated an Economic Operator Registration and Identification (EORI) number
Businesses urged to prepare for post-Brexit Customs Declarations
Businesses urged to prepare for post-Brexit Customs Declarations HMRC is urging VAT-registered UK businesses which trade exclusively with the EU to be prepared for a no deal Brexit. In a letter sent to 145,000 affected businesses, HMRC explains post-Brexit Customs, Excise and VAT procedure changes in the ‘unlikely event’ that the UK leaves the EU without a Brexit deal. HMRC’s
Possible Customs Duty changes
This potentially has a major impact and very much depends on the negotiation of a Free Trade Agreement (“FTA”) with the EU. Without an FTA, the normal WTO tariffs apply. For example, for a UK car manufacturer selling cars to its’ French subsidiary would result in a 10% duty tariff, being imposed on the transaction. Therefore, an FTA is
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