Is now the time for EORI numbers & what are they?
Businesses may need to register for an EORI number (Economic Operators Registration and Identification number) when the United Kingdom leave the customs union on 31st December 2020. These unique ID's are a method for tracking goods being traded to and from the EU so that shipments, and their origins, can be identified by customs.
The current market
As of now, the United Kingdom is no longer an EU member state, however, until the transition period on 31 December 2020 we are still within the customs union. So, at the time of writing the stance is that if you wish to trade with the EU in 2020 you do not yet need an EORI number.
What happens next?
Should the UK not have a free trade deal or if we end up with a hard EU border by 1 January 2021 (we won't know what this will be for some time) then an EORI number will be needed for the import or export of products with any EU country regardless of their size or how frequently it trades. Whatever happens all UK businesses from Limited companies to sole traders & partnerships that wish to trade will need to prepare.
Genvolt's current trade position
European and worldwide trade is an important facet of Genvolt's business strategy especially with the economic growth and demand that is being seen in the provision of high voltage power supplies. With the uncertainty on future markets, it is important that we assess and strategise any quantifiable risks to prepare for any economic impacts.
This is an area that we have been fully focused on since the referendum in 2016 and part of our preparations have involved ensuring that we are ready to trade whatever the outcome.
Managing Director of Genvolt Stuart Morgan said "Genvolt has many clients in Europe and the rest of the world and we are ready to respond to whatever trade arrangements are in place in January 2021. We will try to ensure that we can assist a seamless transition to the agreements that are made in Europe and the rest of the world."
This gives both our suppliers and customers the confidence that trading with Genvolt will continue as efficiently as it always has, and through regular contact and updates provides everyone with a firm platform and understanding on where we all are and how each of us can provide assistance in the continuation of our pre-eminent partnerships.
What can you do?
If you are a business in Great Britain and want to prepare for the exporting of goods to the EU from 1 January 2021 you can find a step by step guide on the government website https://www.gov.uk/eori where there is guidance on how to make customs declarations, checking rules and how to get an EORI number.
As details of any agreements are reached we will endeavour to provide further articles on what we as a company are doing to ensure a swift and seamless transition to continue trading with our valued customers inside and outside of the EU.