In some cases, the Tax Agency requires to submit, in addition to the tax settlements in a timely manner, a series of documents. Form 347 responds to the need to report on the operations that are carried out, from a certain volume.
The article explains what the Treasury form 347 consists of, deadlines for submission, obligation and how it must be filled in with guarantees. In this way, there will be enough information to be able to have this document in condition.
What Is Treasury Model 347?
Treasury Form 347 is an informative statement. This implies that, in principle, it does not imply a payment of taxes.
It is about informing the Administration of the annual operations with a client or supplier, with a quarterly breakdown.
The informative declarations that are presented to the Tax Agency have, as their main reason for being, the fight against tax fraud. It is not so much a question of checking that the taxpayer who submits it has everything in a timely manner (because that can be found out with other checks), but of seeing to what extent other customers or suppliers comply with their obligations.
For this reason, the informative declaration is not a way of settling taxes nor does it have that function, which does not imply that it is not mandatory from a certain volume of operations. The information declaration does not imply a great technical difficulty, but the problem is that a series of data accumulate and, consequently, a collection work has to be carried out.
It should be noted that, unlike the settlements of taxes such as VAT, Personal Income Tax or Corporation Tax, which are mandatory for people with economic activities for profit, form 347 is subject to conditions. Basically, the fact of carrying out an annual volume of operations is what will determine if appropriate.
When Is the Model 347 Introduced Now?
Although traditionally the deadline for filing form 347 in recent years was extended until February 28, in 2018 the Treasury has decided to shorten the limit to January 31. Therefore, the requirement to submit this document has been advanced by one month.
According to the Tax Agency, the objective is to unify criteria, deadlines and, in this way, gain in efficiency.
This issue generates some damages in the Spanish self-employed,since it takes away material time for other things when preparing the declaration in a month in which quarterly VAT and IRPF settlements are included.
In this way, for companies that work with several customers or suppliers of these magnitudes, it can be a hassle. If this work is not delegated to a professional in the sector, time and money will be wasted.
For this reason, it is advisable to have these procedures delegated to a
tax consultancy
that has all the information on the invoices at hand. Professionals such as the Ayce Laborytax team are specialized in managing the accounting and taxes of companies and presenting them to the Treasury in a timely manner.
Who Is Required to Submit This Model?
Legally, those obliged to present form 347 are those professionals who have carried out, throughout the year, accumulated, purchase or sale operations with a third party for an amount greater than 3,005.06 euros. It must be understood that, in these cases, it will be appropriate to include customers and suppliers, indistinctly.
The obligation to file the declaration has several exceptions that must be considered so as not to have to prepare this document without necessity.
The most important are the case of businesses that do not have the tax headquarters in Spanish territory,those explicitly exempt that will have to use form 340 and intra-community operations, for which form 349 will have to be used.
In practice, it should be noted that, if a business has a certain activity, it is almost certain that it will have to fill out this declaration, either because it has a supplier from whom it buys quantities higher than the minimum or because it has entity customers.
How Is Form 347 Filled?
Form 347 has a quarterly breakdown of operations, so that they can be included in detail in the so-called“List of Declared”,which includes a sheet per customer or supplier with which operations are higher than the limit.
On the one hand, the operator’s data shall be included; on the other, the cumulative total of operations and the quarterly total.
However, it should be noted that there are some exceptions to the general rule that allow the annual declaration to be made: cash payments and certain transactions declared by taxable persons.
conclusion
Form 347 is an informative document that does not have to be a great difficulty of presentation, as long as you work with professionals who manage the company’s invoices. Basically, it consists of making a summary of what is already in the Treasury.
