HMRC have announced significant changes to the Intrastat thresholds. Intrastat is used to report the movement of goods within the EU over certain thresholds. Those traders with an annual intra-EU trade in goods exceeding the exemption thresholds are required to provide monthly statistical returns (Intrastat Supplementary declarations).
From 1 January 2010, subject to parliamentary approval:
- the exemption threshold for arrivals will be increased from £270,000 to £600,000 and
- the exemption threshold for dispatches will be reduced from £270,000 to £250,000.
The significant change in the arrivals threshold is due to a reduction in the EU minimum requirement for Member States to collect data from 97 to 95%.
The threshold for dispatches has been reduced to £250,000 due to the current economic downturn and the consequent reduction in the number of UK businesses trading within the EU.
If you would like any advice as to how this change affects your business please do get in touch.
Internet link: HMRC Brief