El model 347 has an annual character and is a statement in which the Tax Agency is notified about the operations carried out with clients or suppliers, that is, relationships with third parties. The total amount of these calculations must exceed 3.005,06 euros per year, with VAT included.
The objective of this document is to verify that the declared operations have been done correctly. For this, the AEAT makes a cross-fertilization of information between the data that the company or the professional indicates and those that their suppliers or clients contribute on the sales and purchases in their business.
In the event that the Tax Agency does not verify the correlation between all the declared accounts, the company or the professional may incur a financial penalty.
Who should file it and who shouldn't?
The self-employed and companies, as well as public and private entities, are obliged to present the 347 model to offer the veracity of their commercial operations with third parties if the amount is higher than the 3.005,06 euros per year mentioned above.
Individuals and legal entities that are included in the following cases would be exempt:
- If the operations with third parties do not exceed 3005,06 euros during the calendar year, it would not be necessary to present this declaration. In addition, when charged on behalf of others for professional fees or other artistic, literary or industrial rights, the scale drops and is located at the limit of 300,51 euros.
- Entities and professionals that do not have an economic headquarters or tax domicile established in Spain or whose activity is not regular in this country.
- Those individuals or companies that pay personal income tax through the procedure of objective estimation. This concept refers to the calculation of income for which it is taxed and applied by a method ofindexes or modules.
- Freelancers or companies that have the obligation to declare about the operations contemplated in the VAT or IGIC registry books.
If, in your case, you comply with the requirements to present form 347 and do not comply with your obligation to do so, you run the risk of sanctions ranging from a minimum of 300 euros up to a maximum of 20.000 euros.
How and when is model 347 presented?
El model 347 must be submitted in February to justify the operations carried out in the previous year. For this year 2021 it can be presented from February 1 to Monday March 1.
The usual way to present the documentation is telematically through the electronic headquarters of the Tax Agency. For this, you will need a PIN code, Electronic DNI or digital certificate.
As we have seen, the model 347 It is essential to prove relationships between third parties. If you meet the criteria, remember that the submission period for form 347 has already started.
Do not hesitate to contact us if you need help to carry out this procedure with Estate. In Capellas and Associats we are specialized in solutions for companies, professionals and freelancers. We will wait for you.