UK VAT- Intrastat Declarations to Be Submitted Online
(Sunnyvale, CA) – HM Revenue & Customs (HMRC) intend to make electronic submission
of Intrastat declarations mandatory. HMRC plans to amend the UK Intrastat
legislation to withdraw the option to submit Intrastat declaration by
paper. This measure is likely to take effect on April 1, 2012.
According to an earlier notice (Circular 25) issued by the government, VAT can be
charged at the full rate of 17 percent by general taxpayers on the sale of software
products developed by them. Now, immediate VAT refunds can be obtained if their
VAT payable exceeds three percent of their sales amount.
Currently, many businesses that are required to submit declarations of their trade
with other EU Member States are using a paper Intrastat declaration. The move to
online submission is mainly to save costs and delays caused by backlogs of paper
forms. Data filed electronically will be more secure with minimal human error compared
to data processed on paper.
Please call or email for more details on how to submit Intrastat declarations or process
About Nair & Co.
Nair & Co. provides you with your one touch outsourced finance,
internal audit compliance,
HR and legal department for your international operations. If you are expanding
abroad for the first time, our turnkey solution will help you do so with minimal
risk, stress and cost. We currently support more than 1000+ client operations in
over 50 countries and have core offices in U.K., India, China, U.S., Japan and Singapore.
Nair & Co. was named among the top 100 outsourcing services providers in the world
by the International Association of Outsourcing Professionals (IAOP). Learn more
at www.nair-co.com
Disclaimer :
Published: November 16, 2011. The information provided on this page is intended merely to highlight issues for general information purposes only. It is not comprehensive nor does it provide legal advice. Any information is subject to change without notice. No liability whatsoever is accepted by Nair & Co.
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