Intrastat consultation launched
HMRC has recently published a new consultation document that examines EU proposals to reduce the burden on businesses required to submit Intrastat declarations as well as proposals to modernise the Intrastat system. The changes concern the proposed introduction of a new EU wide system known as SIMSTAT (Single Market Statistics) and are expected to come into force from 2017. The consultation is open for comment until 8 April 2014 and invites comments on a number of different areas.
Intrastat declarations are used to collect information on the movement of goods from the UK to other EU countries and vice versa. Any business that exceeds the exemption threshold for either arrivals or dispatches of goods is obliged to submit monthly returns. Businesses with annual EU trade above the delivery terms threshold are required to supply additional information relating to delivery terms on their statistical returns.
The exemption threshold for arrivals increased to £1,200,000 (from £600,000) from 1 January 2014. In addition the Delivery Terms threshold increased to £24 million (from £16 million). The exemption threshold for dispatches (EU exports) remains unchanged at £250,000.