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Property maintenance Home Renovation Incentive

  • 24-04-2014 3:30pm
    #1
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,430 CMod ✭✭✭✭


    There is an interesting new tax incentive from Revenue that when you are doing work on your house you can claim a tax credit for the work done.

    Any work done on your primary residence that costs between €4,405-30,000 excluding VAT could qualify.

    For example
    A homeowner paid a VAT registered and tax compliant building contractor

    €11,350 (inclusive of VAT at 13.5%) for qualifying work which was carried

    out on the homeowner’s main residence. The qualifying expenditure is

    calculated as follows:

    Gross payment (payment including VAT at 13.5%): €11,350

    VAT (€11,350/113.5 x 13.5) € 1,350

    Net payment (payment excluding VAT at 13.5%) €10,000

    Qualifying expenditure €10,000
    Tax credit would be 13.5% = €1,350

    Full details are here
    http://www.revenue.ie/en/practitioner/ebrief/2014/no-292014.html


Comments

  • #2
    Ray Palmer
    Registered Users, Registered Users 2 Posts: 8,513 ✭✭✭Ray Palmer


    It has been in place before the start of the year and was pretty public by being announced in the budget


  • #3
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,430 CMod ✭✭✭✭Pawwed Rig


    Ray Palmer wrote: »
    It has been in place before the start of the year and was pretty public by being announced in the budget

    Yeah I know but alot of people may not have been aware of it or of the exact details. Thought some boards users might be interested.


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