Home Renovation Tax Breaks
Home Renovation Tax Breaks
If you were at the Ideal Homes Exhibition in Dublin last weekend, you may have heard about the latest Home renovation tax breaks from the Revenue Commissioners. If you missed it, then you can get a summary of their presentation here.
Tax refunds of up to €4,050 or 13.5% of the cost of the project are available on a wide range of home improvements under the new Home Renovation Incentive Scheme introduced in the last budget.
The scheme allows home owners claim a credit on the tax liability of up to 13.5% of the cost of the project up to a limit of €30,000.
Projects that qualify for the scheme include:
• Painting and decorating
• Bathroom upgrades
• Fitted Kitchens
• Window replacement
• Attic conversions
• Septic tanks
You must use a qualifying contractor who is in tax compliant and certain other conditions apply.
What About Cowboy Builders?
Many home owners worry about getting the wrong builder or contractors when undertaking their self-build, renovation or extension projects. Everyone has heard about the Priory Hall disaster and want to be sure that the builder or contractor that they appoint is competent, trust worthy, insured and legal.
The Construction Industry Federation is introducing the new Construction Industry Register Ireland (CIRI) following a request by the Government. It is expected to be put on a statutory footing from 2015.
The public will be able to search for everything from house builders to plumbing specialist and plasterers – all aspects of the construction industry will be covered.
To be listed on the register all construction companies must:
• Adhere to an industry code of ethics and obligations.
• Demonstrate that they have construction competence and experience.
• They must be tax compliant.
• Commit to undertaking continuing professional development.
• Comply with construction health and safety regulations.
• Show they have the relevant insurance policies in place.
• Obey all the latest building standards and regulations.
CIRI is the only register of construction companies, sole traders and builders that are vetted by Government nominees and industry professionals.
The register will shortly go live to the public on www.ciri.ie – allowing anyone to find competent, experienced construction companies and sole traders operating across all the various sectors of the construction industry.
For More on Home Renovation Tax Relief Read:
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