EORI Number for Importing and Exporting Goods

An EORI number is an Economic Operator Registration and Identification number. The EORI system was introduced on July 1, 2009 to replace the Traders Union Reference Number System which previously identified traders for customs declarations when importing or exporting cargo. It was established to implement the security measures introduced by Regulation (EEC) No 2913/92, as amended by Regulation (EC) No 648/2005 of the European Parliament and of the Council. It is also used for statistical purposes. If a business interacts with the customs authorities in any European Union (EU) country or trades with a non-European Union (EU) country it will need an EORI number. If you are moving goods within the […]

BREXIT: VAT Implications for Irish and UK businesses under a no deal scenario

If the UK does not agree to a formal withdrawal agreement by 29 March 2019 then its status under EU law would change from that of an EU Member State of the European Union to that of a third country. The consequences of this change would result in the UK being outside the Single Market and Customs Union and have no trade or cooperation agreements in place with the EU. There would be no transition period in which businesses can complete the necessary changes to accounting systems, compliance reporting and provide for the associated costs in […]

UK directors in Irish companies – No deal Brexit

The Companies Registration Office has advised that if the UK leaves the European Union without any deal in place on 29 March 2019, Irish companies which have only UK resident directors will be required to comply with Section 137 Companies Act 2014 to have an EEA-resident director. S137 BOND However, the requirement to have at least one EEA resident director from a Member State does not apply to any company which holds a bond, in the prescribed form, in force to the value of €25,000 and which provides that in the event of a failure by […]

Hard Brexit – UK Customs Procedures

HMRC in the UK recently issued guidance just in case the powers that be fail to reach agreement and the UK crashes out of the EU on 29th March 2019 – a so-called hard Brexit. This may be useful for Irish importers and exporters. Customs procedures with a “no deal” Brexit   Essentially the two-way free movement of goods between the UK and the EU will cease and the raft of changes that firms trading with the EU will need to accommodate are significant. Whilst the political process is deadlocked, or so it would seem, the […]

What Will Brexit Mean For You?

The issues created by Brexit are many and uncertain. And with its close ties to the UK, Ireland will feel the effect of Brexit more than any other EU State. Questions arise like: How will trade and free movement be affected? What will be the effect on taxes and import tariffs? Will the competitiveness of Irish business suffer? And so on… It’s not all bad news though. In any time of change and uncertainty there are also opportunities. What are they and how can you capitalise on them? Of course we can’t predict the future, but […]