Henry Connolly (Builder) Ltd,
T: 061 340488 / M: 086 2554502
Henry Connolly Builder Ltd, Ardnacrusha, Co. Clare.
Co. Reg No: 74369 / VAT No: 4557125N
t: 061 340488 / e: email@example.com
At what stage can I claim the tax credit?
Budget 2014 was announced on 15 October 2013 and provides for a Home Renovation Incentive Scheme. A scheme of tax relief for home renovation work was introduced for a period of 2 years, which originally was to run from 1st Jan 2014 to 31st Dec 2015.
However; Following extensive lobbying, Minister for Finance Michael Noonan has decided to amend the date of commencement to ensure that small contractors are not left without work in the period prior to Christmas. The introduction of the new tax incentive for home improvement has now been brought forward from January 2014 to
Friday 25th October 2013.
The work must commence on or after this date and be carried out during 2014 or 2015. Homeowners must be LPT (Local Property Tax) compliant in order to qualify under the Scheme, while building contractors must be tax compliant in order to carry out works. The Scheme will be administered through Revenue's online systems.
The Scheme provides for tax relief for house owners by way of a tax credit at 13.5% of qualifying expenditure on repair, renovation or improvement work carried out on a principal private residence. Qualifying expenditure is expenditure subject to the 13.5% VAT rate.
The work must cost a minimum of €5,000 (exclusive of VAT) which would attract a credit of €675. Where the cost of the work exceeds €30,000 (exclusive of VAT), a maximum credit of €4,050 will apply. The credit is given over the two years following the year in which the work is carried out.
HRI Scheme /
Home Renovation Initiative
Qualifying works include extensions and renovations to the home, window-fitting, plumbing, tiling and plastering. Builders must be fully tax-compliant and all expenditure and relief claims will have to be registered electronically with the Revenue Commissioners.
What Qualifies for the HRI?
The following information is based on details announced in the Budget on 15 October 2013 and is subject to the enactment of forthcoming Finance (No. 2) Bill 2013.
Further information in relation to the Scheme, including operational aspects of the Scheme will issue shortly. More details will be available following publication of Finance (No. 2) Bill 2013 on 24 October 2013. Further information will be available on www.revenue.ie
Owner occupiers of a principal private residence who are tax compliant are eligible. Specifically, the homeowner’s LPT and Household Charge must be up to date. Building Contractors who are tax compliant are eligible to carry out work under the scheme.
The tax credit can be claimed after the work is completed.
How will I claim a tax credit under the Scheme?
The scheme will operate through Revenue’s online systems - ROS, RCT, PAYE Anytime, LPT online.
''Home renovation tax incentive will hurt ‘tax dodging cowboys – IGBC'' - Rónán Duffy / www.journal.ie.
Who is eligible under the Scheme?