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BRITISH politics took a welcome Easter break from Brexit and Brexit junkies around the globe had to live without their regular fix of rows in the House of Commons and rebellions in the ranks of the Conservative Party.
But, sadly, it was just a break. We are back to reality, which is that Britain has only bought itself a relatively short extension of life in the European Union. The UK will, almost certainly, be leaving the EU before the summer is out. And, despite all the huffing and puffing at Westminster, it could still leave without a deal.
Cyprus-based companies must use the time to get properly prepared.
If a company intends to continue trading with the UK after Brexit, it may well have to do so under non-EU trade rules. These businesses will require an Economic Operators Registration and Identification (EORI) number.
An EORI number is a registration and identification number that businesses need when dealing with customs in order to import or export goods in or out of the EU. All goods must be classified for customs purposes when importing or exporting to the EU and the assigned classification code will determine the customs duty to be paid on imported products.
Goods imported from a non-EU country will require an import declaration and will be subject to customs control, which may result in VAT or customs duties. Goods exported outside the EU will require an export declaration and will be subject to customs control.
If this sounds like your company, you should familiarise yourself with EORI by downloading a short eLearning tool which is available on the European Commission website. This training module provides detailed practical guidance.
You may already have an EORI number, probably aligned to your existing VAT number. They were allocated to businesses with a customs and excise registration when EORI was introduced in 2009. You can check if you were automatically registered for EORI by accessing the Economic Operator Identification and Registration system. Insert your existing VAT number in the section headed ‘Validate EORI numbers’.
If you have not been automatically registered for an EORI number you can get one via the website of the Customs & Excise Department.
It is not only businesses that need to prepare for Brexit. These are uncertain times and individuals should do all they can to minimise the risks and safeguard their own incomes and personal wealth.
They can take precautions: to hedge against currency fluctuation, to safeguard their pensions, to protect investments and make their money work for them.
In particular, I would strongly urge all expats to take advice. The Woodbrook Group can help you understand your options and how to address your income needs. Our experienced consultants can help you balance your savings and investments, by setting up a strategic plan that meets your specific requirements, and to help guide you on the unmapped routes of Brexit.
