Form 347, “Annual declaration of operations with third parties” is, as its name indicates, a annual informative declaration who is presented to tax authorities on an annual basis on the operations carried out during the fiscal year.
That is, if in 2021 you have carried out operations with a client, supplier or creditor for amount greater than 3,005.06 euros (VAT included) as a wholein February you must present model 347.
The last modification of the Order that affects this model is dated December 9, 2021 and was mainly motivated by the need to introduce some technical changes due to Brexit.
Who has to present form 347
The 347 model is required for everyone there freelancers and SMEs that have carried out operations with clients or suppliers that together exceed 3,005.06 euros.
In addition, form 347 must be submitted by those private entities or establishments of a social nature and communities of owners for the acquisitions of goods and services that carry out activities whose amount has exceeded the fixed amount. To do this, we can exclude the consumption of electricity, fuel, water supplies and insurance, they report from Asepyme.
In other words, they must present form 347 all those
– Physical persons
– Legal persons
– limited companies
– Anonymous Societies
– associations
– professional associations
– Entities in allocation of income (art. 35.4 LGT)
– communities of goods
– civil societies
That they have carried out business or professional activities with third parties for an amount greater than 3,005.06 euros, in the calendar year to which the declaration refers.
The non-profit associations and entities You are required to file Form 347.
What operations are declared in Form 347
one. Deliveries and acquisitions of goods.
two. Provision and acquisition of services.
3. Grants and non-reimbursable aid.
Four. Real estate operations, usual or atypical.
5. Operations with insurance entities.
6. Advances from customers and suppliers.
What not to declare on Form 347
1. Transactions of which you have already informed the Treasury in other declarations. For example:
• Operations subject to retention. In these cases, the Treasury already has the information thanks to the periodic declarations and annual summaries.
• The export and import operations, since they will have been declared in customs.
• What is declared in Form 349, such as intra-community deliveries or acquisitions of goods and services.
• Deliveries of goods between the peninsula and the Canary Islands, Ceuta and Melilla.
2. The following operations are also excluded from Form 347:
• Deliveries of goods or services for which no normal or simplified invoice has been issued or delivered.
• Those operations that have been carried out outside a business or professional activity.
• Transactions carried out free of charge are exempt from VAT.
• Leases of goods exempt from VAT. As long as they are carried out by a natural person or entity without legal personality outside of a business or professional activity.
Deadline to present form 347
The declaration of operations with third parties can be submitted until February 28 of each year. In the case of presenting the declaration, we will be committing a tax infraction. The fixed financial penalty is 20 euros for each data or set of data referred to the same person or entity that has been omitted, with a minimum of 300 euros and a maximum of 20,000 euros.
Source: Lasexta
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