As publicised by HMRC in Revenue & Customs Brief 38/13 dated 16 December 2013, the Intrastat exemption threshold for arrivals has doubled from £600,000 to £1,200,000 with effect from 1 January 2014. The threshold for dispatches remains unchanged at £250,000, and the threshold for supplying additional information relating to delivery terms increases from £16 million to £24 million.
These changes will affect businesses who trade in goods with other EU Member States, in particular those who are required to submit Intrastat declarations for arrivals (EU imports) received from other EU Member States, and/or provide delivery terms information on an Intrastat declaration. Unless your annual intra-EU trade in goods exceeds the above specified exemption thresholds, you will not be required to provide monthly statistical returns (Intrastat declarations).
The increase in the arrivals and delivery terms thresholds is likely to mean that a number of businesses are no longer required to submit Intrastat declarations for arrivals, or to supply additional information relating to delivery terms on their Intrastat declarations.
If you require any further information or if you would like to discuss how these changes may impact your business, please contact our VAT team.