El Model 347 It is a tax form in Spain that arouses interest and, sometimes, confusion among entrepreneurs, self-employed people and companies. This informative declaration is crucial for the Tax Agency and allows it to control and supervise the economic operations carried out between an entity and third parties. In this blog, we will explore in detail Form 347, its importance, how it is completed and filed, and answer common questions related to this form.
1. What is Model 347?
Form 347 is an informative declaration that must be submitted annually to the Tax Agency. Its main objective is to provide detailed information on the operations carried out with third parties throughout the previous fiscal year. Through this form, companies and self-employed workers declare all economic operations whose invoiced amount is greater than 3.005,06 euros.
2. Who must submit Form 347?
The obligation to present Form 347 falls on people or entities that meet certain criteria established by the Tax Agency. In general terms, you are required to submit this form:
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Companies and freelancers: Those who carry out economic operations with third parties that exceed the established limit mentioned above.
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Communities of property and entities without legal personality: Whenever they carry out economic operations subject to the threshold.
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The public entities They must also present Form 347, although these operations have a different nature than those of private companies.
3. When is Form 347 presented?
Form 347 must be submitted annually, the submission period is 1 to 28 for February of each year and will take into account the operations carried out during the previous calendar year. This deadline is fixed and cannot be extended or postponed.
If for technical reasons it is not possible to comply with this regulatory deadline, the presentation may be made during the four calendar days following the end of said deadline.
4. How is Form 347 completed?
Completing Form 347 can be a complex process, since it involves collecting a large amount of information about the operations carried out with third parties throughout the year. Here we present the basic steps to complete this form:
First page. Declarant identification:
First of all, you must fill out the summary sheet. This will include the declarant's information. Among others, we must include identifying data, including your name or company name, NIF (Tax Identification Number), and the fiscal year to which the declaration corresponds.
Second page. Third Party Identification:
In it we will include the Identification of third parties, that is, the list of declared parties. You must include detailed information about the people or entities with which you have carried out economic operations during the fiscal year. This includes your NIF, name or company name, and the total amount of the operations.
Breakdown of operations: In this phase we must classify the operations according to criterion A or B, corresponding to purchase and sales operations respectively. Other criteria are: C (Charges on behalf of third parties exceeding 300,51 euros), D (Acquisitions of goods by public entities), E (Subsidies or aid, only marked by the AP), F (Sales from travel agencies) , among other.
Sending the declaration: Before sending it, check that all the data entered is correct and then submit Form 347 through the electronic headquarters of the Tax Agency through Cl@ve PIN or through an electronic certificate or DNI. There are programs and pages that can guide you through the process to make it easier.
5. What is the economic threshold to declare an operation in Form 347?
As we have mentioned previously, the economic threshold to declare an operation in Form 347 is 3.005,06 euros. This means that you should only include transactions that exceed this limit in your return.
6. What type of operations must be declared in Form 347?
All economic operations that exceed the threshold must be declared, regardless of their nature. This includes sales of goods and services, purchases, rentals, subsidies, donations, among others.
7. What happens if I do not present Form 347?
Failure to submit Form 347 or submitting it after the deadline may result in substantial financial penalties. It is essential to comply with this obligation to avoid problems with the Tax Agency.
8. Can I present Form 347 on paper?
In general, electronic filing is the most common way to file. However, in exceptional circumstances, paper submission is allowed in some autonomous communities. It is recommended to check local regulations and the electronic headquarters of the Tax Agency to obtain updated information.
9. What supporting documentation should I keep?
You must keep the documentation related to the operations declared in Form 347, such as invoices, contracts and any other document that supports the transactions carried out. This documentation may be required by the Tax Agency in the event of an audit or inspection.
Form 347 is a vital information declaration for tax supervision in Spain. It allows the Tax Agency to control and verify economic operations carried out between companies, self-employed workers and third parties. Finally, to complete it, it is advisable to have the help of a tax or accounting professional to ensure that it is completed properly and all tax obligations are met.
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