Have you recently Renovated your home? The Home Renovation Incentive provides tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or improvement work carried out on a homeowner’s only or main residence, This Incentive runs from 25 October 2013 to 31 December 2015 to qualify the expenditure must have been subjected to 13.5% Vat and the work must have cost a minimum of €4,405 excluding vat (€5,000 including vat) This would give a tax credit €595. Before the work commences ensure your contractor is a qualifying contractor and provide the Revenue commissioners with the following information.

    • The Local Property Tax reference number of the property on which the qualifying work is to be carried out,
    • The name of the claimant,
    • The address of the property at which the work will be carried out,
    • A description of the work to be carried out,
    • The estimated cost of the work to be carried out, and
    • The estimated start date and estimated end date.

    Topics: Tip of the Month

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