The Home Renovation Incentive (HRI) provides tax relief for
you by way of an income tax credit at 13.5% of qualifying
expenditure on:
• repair,
• renovation,
or improvement works.
These works must be carried out on your main home or rental property by HRI qualifying Contractors which Rafferty Construction is. The amount of your HRI tax credit depends on the amount you spend on qualifying works. You need to spend over €4,405 (before VAT) on the property to qualify for the HRI tax credit. This €4,405 (before VAT) can be the total from any number of jobs on the property, carried out and paid for from 25 October 2013 to 31 December 2016 for Homeowners and from 15 October 2014 to 31 December 2016 for Landlords. You can spend as much as you like on the property but you can only claim the HRI tax credit on amounts up to €30,000 before VAT.
What type of works qualify?
Examples of repair, renovation or improvement works that qualify under the Incentive include -
- Painting and decorating
- Rewiring
- Tiling
- Supply and fitting of kitchens
- Extensions
- Garages
- Landscaping
- Supply and fitting of solar panels
- Conservatories
- Plastering
- Plumbing
- Bathroom upgrades
- Supply and fitting of windows and doors
- Attic conversions
- Driveways
- Septic tank repair or replacement
- Central heating system repair or upgrade
- Supply and fitting of built in wardrobes
- Conversion of a residential premises into multiple rental units
- Supply and fit of alarm systems
- Radon remediation works.
The VAT rate on works carried out must be 13.5%.
Rafferty Construction will explain the grant process when we meet with you to carry out an onsite survey to give you an accurate quotation for the work you intend doing. Alternatively Revenue have information on their website at www.revenue.ie