4 Eyes Ltd: VAT, Tax and Customs Consultants

Intrastat thresholds and changes to reporting procedures from 1 January 2012

In Revenue & Customs Brief 44/11 and a revised Notice 60, HMRC announces that the Intrastat reporting thresholds will remain unchanged in 2012, the exemption thresholds being £250k for dispatches and £600k for arrivals with the delivery terms threshold remaining at £16m. The low value exemption threshold increases from £130 to £180 for January 2012 and subsequent periods. There are two additional delivery terms codes, delivered at terminal (DAT) which replaces DEQ, and delivered at place (DAP) which replaces DAF, DES and DDU. Nature of Transaction Codes (NoTCs) 40 and 50 must only be used if the goods subject to processing do not change ownership.

Revenue & Customs Brief 44/11 is available on the HMRC website.

The revised version of Notice 60 is also available on the HMRC website. Para 1.2 lists all substantive changes to the revised notice.

If you would like to discuss the implication of these changes, please contact 4 Eyes Ltd.