Brexit and Intrastat Changes
It is important that all businesses regardless of the size ensure that they understand the Brexit consequences for their business and ensure that they are ready for any VAT compliance that is being levied upon then not only in the UK but also the European union.
In case the businesses fail to implement the newest VAT as well other reporting requirement such as Intrastat and Fiscal representations, this would cause impediment in their ability to trade since the political environment is going to be less forgiving and more vengeful as a consequence of Brexit and this inturn can lead to negative affect to the respective business.
Businesses importing goods (arrivals) into Great Britain (UK minus Northern Ireland) from the EU will still be expected to prepare monthly Intrastat reports.
The threshold is £1.5 million. This will apply until 31 December 2021. Intrastat declarations will have to be filed for the movement of goods between Northern Ireland and the EU. Business exporting goods (dispatches) to the EU will no longer be obligated to prepare Intrastat declarations.