Now that the UK has left the EU, we have entered an implementation period that will last the rest of 2020, during which the UK’s future relationship with the EU will be agreed, giving businesses the chance to prepare for the UK’s new trading arrangements.
While much of the detail is still to be decided, we do know that businesses trading with the EU will need to do the following in the coming months:
- Obtain an Economic Operator and Identification (EORI) number
- Decide whether to make customs declarations yourself or using a customs agent.
HM Revenue & Customs (HMRC) recently issued a letter to some VAT-registered businesses that explains these processes in detail.
Read the letter here.