UK raises Intrastat threshold
- 11 December 2014 | Richard Asquith
The UK is to raise the annual reporting threshold for Intrastat reporting.
The limit for Arrivals (goods arriving from other EU member states) is being raised from £1.2m to £1.5m. The limit for Dispatches (goods leaving the UK for other EU member states) will remain unchanged at £250,000.
Intrastat is the reporting regime accompanying VAT. It requires VAT registered companies shipping goods across EU borders to list each movement. Details to be declared include the nature and value of the goods, and the destination. Aside from goods dispatched, companies may also have to complete a similar return for goods sent to them.
The tax authorities use the Intrastat to help detect VAT fraud, comparing the declarations of each company to ensure stock movements actually do take place.