If your trade with the EU reaches the threasholds identified by HMRC then you are legally obliged to submit monthly reports to HMRC, electronically, by the end of the month following the movement of the goods. This report is known as the Supplementary Declaration (SD).
How do you do your Intrastat returns? Often these are done by the Accounts Department who need to establish which shipments are ready to be reported on in the period, gather together and consolidate the transaction data for both despatches and arrivals, and when they are satisfied that the information is correct they probably key the data into the HMRC web site. This whole process is frequently very manual and time consuming.
The data needed for Intrastat reporting will already have been created in your organisation and probably keyed into export documents or other Customs services. So why are you creating and keying this data again? If you are using our GTA Net or GTA Online systems to create your export documents or to manage Customs clearance, then you will have the data and GTA has an Intrastat reporting option which can manage both despatches and arrivals.
So what is the Required Transaction data?
Commodity Code No. – obtained from the Intrastat Classification Nomenclature
Value of the Goods in pounds Sterling – normally the Customs Monthly Rate of Exchange is used to caluclate this
The Net Weight of the Goods – required unless a supplementary unit is needed
The Delivery Term – also known as Incoterms
Nature of Transaction Code – the standard code is 10 but Notice 60 should be used to ensure this is correct for your transactions.
If this data is held in your business system, for arrivals and/or despatches, then you can send a file of transaction data to GTA either just for Intrastat reporting, or earlier in the process if you wish to create export documents and obtain Customs clearance for shipments as well. GTA indentifies EU shipments using the country code, so at the end of the month the sytem will check all the EU shipments in the period to ensure all mandatory data fields are complete, and will produce a “Not Ready” report if some are incomplete. You can then make a decision whether this shipment is ready to be reported on and if necessary manually enter the missing data. When you are satisfied that the data is complete, then GTA will consolidate the information and produce an Intrastat Supplementary Declaration (SD) message which is submited to Customs.
If your Accounts Department create these reports, then you can make them a user on you GTA Account to give them access to these reports, or you can do the submissions yourself from the export department.
Whichever way you do this, the manual collation of information is eliminated enabling you to easily comply with your legal obligation to submit these returns each month, and a full audit trail is produced which is suitable for inspection by HMRC if required.
Follow these links to find our more:
HMRC Notice – Intrastat and Supplementary Declarations in HMRC Notice 60
GTA managing your export shipments – GTA Intrastat Module
OR contact email@example.com