Why Does My Business Need an EORI Number?

Although there is ongoing uncertainty about Britain’s Brexit trade deal with Europe, one thing is for certain – UK businesses that trade with the EU will need an EORI number and it’s important to apply for it now if you need one.

The EORI number is shorthand for the Economic Operation Registration Identification. It’s a 12 digit number that begins with GB, and it will include your VAT registration number if applicable.

If the UK ends up leaving in a no deal arrangement, British firms will need this number to ensure that they can continue to trade within Europe. The number will be used for both importing and exporting goods – both to the EU and to the rest of the world, in a no deal situation. The number will be used as part of the authorisation process needed to make administration processes at customs quicker and easier.

HMRC has already flagged up its concern that businesses don’t know about these numbers and aren’t applying for them. The British Chambers of Commerce has been lobbying the government to automatically issue them to any business which is VAT registered – and the Treasury will now do this, before the deadline of October 31st.

This is good news in terms of easing the preparation burden, but businesses which are not VAT registered will need to register themselves. There are two types of EORI number available – UK and EU ones, and for most businesses based in the UK, the UK EORI number will be the right choice. This will allow the business to trade with EU customers after Brexit happens.

Register for your EORI number for free online

It’s free and simple to register and you can do it online – where you can also find more information: https://www.gov.uk/eori. Remember that you will need this number to trade without delays or extra costs (such as storage) – and it also takes about a week for your number to come through. Apply now and don’t delay if you aren’t VAT registered, as you won’t be given one automatically.

Investing for the future

If you import or export from Europe you may also be looking to invest in your business in advance of the new trade deal. Whether you are looking to broaden your customer base, buy new fleet vehicles, develop in a new brand or buy extra stock, Century Business Finance can give you rapid access to the finance that you need.

We offer loans of £10,000 to £150,000 for six months to two years – whatever you need. Even better, you can borrow business funding for any purpose at all. There are no upfront fees or early repayment charges either if your circumstances change.

Don’t worry about needing to attend face to face appointments either as it’s not required. Our entire process is managed online with a short online form. It takes just a couple of minutes to make your online application which is then reviewed – fast. Your loan funds can be in your business bank account within 24 hours – it really is that easy! Don’t delay – apply today for rapid access to the business lending that you need to strengthen your business and give it room to grow, from the business loan experts at Century Business Finance.