Michaela Merz

Brexit – Intrastat obligation reporting remains even if Brexit takes place

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Many of my clients who are registered for VAT purposes in the UK were thinking that one of the very few advantages of Brexit in the area of VAT is the fact that Intrastat will disappear. In the middle of October HMRC destroyed these hopes with the publication of the information that Intrastat will be surveyed even if Brexit takes place.

After the UK leaves the EU, businesses currently registered for Intrastat will need to continue to provide HMRC with Intrastat declarations for the movement of goods between the UK and EU member states for statistical purposes. This must be done in the normal way by the 21st of each month.

The statistical trade data information that businesses provide through Intrastat is invaluable to HM Government. It forms data and statistics that provide key indicators regarding the state of the UK economy, helps set an overall trade policy and supports businesses to assess market opportunities.

Further information on Intrastat declarations can be found at http://www.uktradeinfo.com.

Businesses will still need to comply with any customs procedures and declaration requirements to import and export goods between the UK and EU member states. To find out more about this, go to GOV.UK.

Image source: unsplash.com

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