Author:
Miriam Sánchez.
Common mistakes in the Model 347 and how to avoid them with Holded
Filing the Model 347 correctly is one of the most important tax obligations for freelancers and companies in Spain. However, its complexity leads many companies to make mistakes that can result in penalties. From incorrect data to forgetfulness in filing, mistakes are the order of the day. Fortunately, tools such as Holded simplify this process, minimizing risks and ensuring regulatory compliance.
In this post, we tell you which are the most frequent errors when filing the Model 347 and how to avoid making them thanks to the digitalization of your accounting management.
What is Model 347 and why is it so important?
The Model 347 is an annual informative declaration that includes transactions with third parties over 3,005.06 euros carried out during the fiscal year. It is not a tax return per se, but a key document for the Tax Agency to cross-check data and detect possible irregularities.
Filing it correctly is essential to avoid penalties, which can be high if errors are detected or if it is submitted after the deadline.
The most common mistakes in the filing of Model 347
Below, we review the most common mistakes:
- 1️⃣ Mistakes in the amounts declared: Not matching the data with those of your suppliers may raise suspicions in the Tax Authorities.
- 2️⃣ Not including all mandatory transactions: Some transactions fall under the radar due to lack of internal control.
- 3️⃣ Late filing: The deadline for filing the Model 347 is usually the month of February of the following year. Late filing carries fines.
- 4️⃣ Incorrect third party data: Failures in the NIF or in the identification of suppliers are more common than it seems.
How to avoid mistakes with Holded
The key to avoiding these mistakes is automation and centralized control of your data. This is where Holded, an ERP for SMEs, plays a key role:
- Automate data collection: Holded allows you to automatically record all relevant transactions for Model 347.
- Avoids human error: By reducing manual intervention, the chances of mistakes in figures or third party data are reduced.
- Keep track of deadlines: Holded helps you schedule reminders so you don’t forget any key dates for your tax obligations.
Conclusion
Avoiding mistakes on Model 347 is not only possible, it’s easier than it sounds if you have the right tools. Holded not only helps you reduce risks, but also allows you to spend less time on administrative tasks and more on growing your business.
If you need personalized advice or need to integrate Holded in your company, in Cigarrán Abogados we help you to do it easily and safely, contact us and forget about tax complications!
¿Do you need help? At Cigarrán Abogados we can help you (+34) 91.355.85.15
