Save-Money-Home-Improvements

Save money! Up to €4050 on your home improvements!

You can claim a tax credit of 13.5 per cent up to the 31st December 2016 (recently extended to the end of 2016). Are we a ‘qualifying contractor’? Yes, and we have tax compliance certs to boot.

According to the revenue.ie website …

Home Renovation Incentive (HRI) Scheme, which will run from 25 October 2013 to 31 December 2016 for Homeowners and from 15 October 2014 to 31 December 2016 for Landlords. The Incentive provides for tax relief by way of an Income Tax credit at 13.5% of qualifying expenditure on repair, renovation or improvement works carried out on a main home or rental property by qualifying Contractors.

Qualifying expenditure is expenditure subject to the 13.5% VAT rate.

The works must cost a minimum of €4,405 (before VAT) per property, which will attract a credit of €595 per property. Where the cost of the works exceeds €30,000 (before VAT) per property, a maximum credit of €4,050 per property will apply.

For full details on the scheme go to the revenue.ie page here – http://www.revenue.ie/en/tax/it/reliefs/hri/