Annually each company (and self- employed person) has to report to the Hacienda every other business with which they had a volume of transactions over 3,000€ in the year.
This is done by means of the “ model 347 “. You simply report the tax name and number ( NIF/NIE) of every supplier or client that surpassed the threshold of 3000€.
Deadline: by end of February we report information related to the previous year.
Payment: This is informative, no tax payment is involved.
When are you obliged: Only if there is anything to report.
Warning: Data in these reports are crossed checked with those presented by your clients or suppliers. It is important to provide complete information. Discrepancies in related reports can lead to the request for more information on the part of Hacienda.
Therefore, it is common during the weeks prior to the deadline that companies contact one another to exchange information in their respective accounts. You will possibly receive a few emails from your suppliers to advise you of the total amount that they have invoiced you during the year.
As is the case with the other “modelos”, failure to present “modelo 347” when there is the obligation to do so will result in fines of up to 300€.
See deadlines of most common “modelos” in this table.