VAT-registered businesses that trade in goods with other EU member states are required to provide details of these transactions which are used for statistical purposes. Intrastat is the system used to collect these statistics.
Movements of goods between EU member states are called Arrivals (acquisitions, purchases or imports) and Dispatches (removals, sales or exports).
All VAT-registered businesses must show the total value of goods dispatched to other EU member states in box 8 and the total arrivals of goods acquired from other EU member states in box 9 of their VAT return.
In addition, those who trade in the EU above the Intrastat exemption threshold in force during the year must also complete a monthly Supplementary Declaration (SD). The thresholds are £1.2 million for Arrivals and £250,000 for Dispatches.
Larger businesses that trade above the Intrastat delivery terms threshold of £24 million must also specify delivery terms information on their Supplementary Declarations (SDs).
Continue reading by clicking on the link below.