Form 347: your clients and suppliers

Form 347: your transactions with third parties. We explain what it is, who files it and when.

With form 347, you tell the Tax Agency who you went over 3,005.06 euros with in the year, VAT included: clients you sold to, and suppliers you bought from. You pay nothing: you only report data.

How is it counted? For each client or supplier, you add up the whole year, with VAT, and compare it with 3,005.06 euros. If it's over, it goes in, with the amount for each quarter. If not, it doesn't. And sales and purchases are separate.

An example. Pablo is a carpenter. He bought wood from a supplier: 3,630 euros with VAT. It goes in, as a purchase. He made a kitchen for a restaurant: 3,025 euros with VAT. It goes in, as a sale. His phone bill is under the limit. His 347 has two lines.

Who files it? Anyone who goes over the limit with a client or supplier, even if it's only with a supplier. If you don't go over with anyone, you don't file it. Nor if you keep your VAT books online with the Tax Agency. Or if you only have transactions that aren't reported, like receipts for private customers.

When? In February, for the previous year. If it ends on a holiday or a weekend, it moves to the next working day: sometimes, the start of March.

With Abaq, you upload your invoices and receipts, we prepare your 347, you review it in the app, and we file it with your approval. Abaq, your PRO digital accountant.