HMRC advises businesses about trade arrangements after Brexit
The HMRC has addressed letters to VAT-registered businesses trading with the EU, highlighting actions they need to take before the end of the transition period.
The tax authority is informing VAT-registered businesses of steps they need to take if they trade with the EU, or the EU and the rest of the world.
They explain how to prepare for changes to customs arrangements after the transition period, including getting a UK Economic Operator Registration and Identification (EORI) number and customs facilitation.
While there will be no changes to the terms of trade with the EU or the rest of the world during the transition period, the HMRC is encouraging businesses to keep up to date by registering for the HMRC’s email updates.
Last week, Boris Johnson’s Brexit deal became law after it received royal assent from the Queen. The royal assent means the UK is set to leave the EU on 31 January, if the EU also gives its approval.