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06-11-2019, 16:45   #2701
Dylan94
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We just applied for the help to buy scheme, we were approved today for €3500. We claimed for 2016, 2017 & 2018. However, during those years we paid €17,000 in income tax between us. We are looking to buy for €400,000ish, so need everything we can get.

Thats just normal income tax at 20%, excluding PRSI, USC etc. I have sent revenue a message through the online service, but they tend to take a long time to get back.

In the meantime, does anyone have any ideas why it might be so much lower?
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06-11-2019, 19:25   #2702
Dolbhad
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Originally Posted by Dylan94 View Post
We just applied for the help to buy scheme, we were approved today for €3500. We claimed for 2016, 2017 & 2018. However, during those years we paid €17,000 in income tax between us. We are looking to buy for €400,000ish, so need everything we can get.

Thats just normal income tax at 20%, excluding PRSI, USC etc. I have sent revenue a message through the online service, but they tend to take a long time to get back.

In the meantime, does anyone have any ideas why it might be so much lower?

I would check that you both applied together and are linked. Also Have you made claims on tax for those years like medical expenses, education expenses etc?
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06-11-2019, 21:06   #2703
Dylan94
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I would check that you both applied together and are linked. Also Have you made claims on tax for those years like medical expenses, education expenses etc?
Yep, we checked that we are linked, we both have our approval and our individual breakdown. We have never applied for any tax relief for anything at all and got the figures from our p21 from the revenue online system.

We are both way down with each of us being approved for about one fifth of what we paid in income tax.
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11-11-2019, 09:20   #2704
Sponsorgate
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FAO self builders


Revenue got back to me & because my lender has valued the house so high I fall under the 70% LTV. The value they have put on it is signifcantly higher than the amount of money I have budgeted to build it & borrowed from them. I plan on living in the house the rest of my life.Its just really annoying I am unable to claim the HTB .



Anyone have a similar experience?


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11-11-2019, 09:22   #2705
awec
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Originally Posted by Sponsorgate View Post
FAO self builders


Revenue got back to me & because my lender has valued the house so high I fall under the 70% LTV. The value they have put on it is signifcantly higher than the amount of money I have budgeted to build it & borrowed from them. I plan on living in the house the rest of my life.Its just really annoying I am unable to claim the HTB .



Anyone have a similar experience?


Sponsorgate
Yes, the LTV is based on the value of the house, not the cost to build it.

Your solicitor or whatever should have explained this to you.
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11-11-2019, 20:37   #2706
pugw
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Hi could anyone advise is there any harm in applying for the help to buy just to get the approval and see what you would be entitled to claim? Just starting to look at houses now, and want to get approval in principal etc. and don't want to get a surprise at the last minute.
We may not end up buying until late 2020.
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11-11-2019, 21:54   #2707
tomister
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Originally Posted by pugw View Post
Hi could anyone advise is there any harm in applying for the help to buy just to get the approval and see what you would be entitled to claim? Just starting to look at houses now, and want to get approval in principal etc. and don't want to get a surprise at the last minute.
We may not end up buying until late 2020.
If you’re not planning until buying until 2020 I would hold applying until Jan.
If you look at what you’ve paid in tax over the last number of years it should give you a good indicator of what you are entitled to
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24-11-2019, 22:20   #2708
joe123
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Hey all,

Looking for some info on Help To Buy.

So from reading online etc, it mentions the Help to Buy refund which is roughly 5% is put towards the deposit on the house.

So example - Buying a house for €250,000, the deposit would be €25,000

I see on the revenue site that the HTB refund goes directly to the developer so does this mean the deposit I would pay out of my own account would be €12,500 and the remainder of the deposit is paid directly to the Developer via HTB?

If the above is correct, my second question is, do you have to have signed the contracts to avail of the Help to Buy? And if so, doesn't this mean you already have to have paid the deposit?

Thanks in advance for any info. Greatly appreciated.
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24-11-2019, 22:50   #2709
tomister
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Hey all,

Looking for some info on Help To Buy.

So from reading online etc, it mentions the Help to Buy refund which is roughly 5% is put towards the deposit on the house.

So example - Buying a house for €250,000, the deposit would be €25,000

I see on the revenue site that the HTB refund goes directly to the developer so does this mean the deposit I would pay out of my own account would be €12,500 and the remainder of the deposit is paid directly to the Developer via HTB?

If the above is correct, my second question is, do you have to have signed the contracts to avail of the Help to Buy? And if so, doesn't this mean you already have to have paid the deposit?

Thanks in advance for any info. Greatly appreciated.
Provided the developer is registered for the Help to Buy scheme and you are approved for the amount you require then you would pay 12,500 and Revenue will also pay 12,500 upon approving your claim.

In order to avail of Help to Buy you need to first apply for it. To do this your tax needs to be up to date with nothing owed. Then when you are approved, Revenue will outline what is the relief/refund available to you. This is the lower amount of; 5% of the value of the property, your approved relief/refund or €20,000.
Once you’ve approval you will need a counter signed contract and proof of mortgage (letter of offer). You then complete the claim on the website and this is then passed to your developer who verifies it and then Revenue issue the funds to the developer
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25-11-2019, 11:03   #2710
joe123
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Provided the developer is registered for the Help to Buy scheme and you are approved for the amount you require then you would pay 12,500 and Revenue will also pay 12,500 upon approving your claim.

In order to avail of Help to Buy you need to first apply for it. To do this your tax needs to be up to date with nothing owed. Then when you are approved, Revenue will outline what is the relief/refund available to you. This is the lower amount of; 5% of the value of the property, your approved relief/refund or €20,000.
Once you’ve approval you will need a counter signed contract and proof of mortgage (letter of offer). You then complete the claim on the website and this is then passed to your developer who verifies it and then Revenue issue the funds to the developer
Perfect, just the info I needed.
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25-11-2019, 19:56   #2711
wirelessdude01
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Just filling in the help to buy section on revenue and wondering what amount do I put in when it asks for the deposit payable? Is it the full 10% amount of the purchase price?
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26-11-2019, 07:56   #2712
tolow
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I’m sure these questions have already been asked at some point in this thread but I might be a while looking back for an answer.

My first question is does it matter if one person has paid more tax over the four years when submitting a joint application? I looked back through my taxes for 2015-2018 and as a single application I have paid almost 20k in income tax whereas my partner was still in college in 2015,2016 and in 2017 and she would have paid very little income tax. Does it matter that the majority of the tax paid was by one person?

My second question is whether any social welfare payments affect an application? My partner was in receipt of Back to Education allowance in 2015, 2016 and 2017.

Final question is if we apply in January and don’t actually end up buying in 2020 can we then re-apply in 2021?

Thanks in advance!
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26-11-2019, 11:49   #2713
tomister
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Originally Posted by wirelessdude01 View Post
Just filling in the help to buy section on revenue and wondering what amount do I put in when it asks for the deposit payable? Is it the full 10% amount of the purchase price?
Correct. It’s the full deposit that is due on the property. There should also be a section for deposit paid which will be your 5%
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26-11-2019, 21:20   #2714
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I know this question has been asked a million times but I rang the revenue today and the girl hadn’t a clue what the answer was.

We’ve paid our 10% deposit on our new build, we haven’t applied for our mortgage yet as the move in isn’t for at least another 6 months so we’re going to wait until the new year to apply. We started the HTB application and got the figure that we’re entitled to claim but we couldn’t push it through without the proof of mortgage. Contracts are signed and sealed so we’re all set.

When we get our mortgage approved in the new year, can we claim the figure back direct? Or does it go to the developer who refunds us back the money out of the cash deposit we paid?
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27-11-2019, 11:45   #2715
Fia11
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The end is in sight, just about. Waiting for one part contract in order to get claim reference number in order for developer's solicitor to be able to drawn down H2B funds. Then need to provide proof of this to the bank who can draw down the rest of the mortgage, then need to sign.

Seems like a whole thing, but they are still saying we will have keys this side of Christmas. We'll see.
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