UK raises 2014 Intrastat reporting thresholds

The United Kingdom has updated the annual reporting thresholds for dispatches and arrivals of goods on Intrastat declarations from 1 January 2014.

The thresholds will rise as follows: the arrivals’ (import of goods from other EU member states threshold will rise from GBP600,000 to GBP1,200,000 per annum; and the dispatches’ (exports to other EU member states) annual threshold will remain as GBP250,000.  The delivery terms threshold will also rise to GBP24million – this triggers additional disclosures of the terms the goods where sent to a customer.

The changes to the UK’s thresholds is based on an EC-set formula, which was amended in 2013 to only require member states to capture 93% of their estimated trade with other EU states.  It had previously been 95%.

The UK’s tax office, the HMRC, requires taxable persons to prepare monthly declarations of intra-community trading with any other taxable person (including movements within the same company or group) – Intrastat.  This is in accordance with the EU VAT Directive.

It must be completed monthly (UK VAT returns are quarterly), and be filed by the 21^st of the month following the reporting period end.  Filings can be made through paper & post; online; or via data uploads.

For the UK, the following information is required:

• The EU country of destination or arrival
• Commodity code and description
• Weight, description and quantity of goods
• Value of goods for invoicing purposes
• Delivery terms where the thresholds is exceeded
• Delivery Terms threshold