The Home Renovation Scheme provides tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure on repair, renovation or improvement work carried out on a principal private residence. The scheme was extended in December 2014 to cover all homes including those rented out by landlords. Installation of a heat recovery system is in this category of work. Qualifying expenditure is expenditure subject to the 13.5% VAT rate. The work must cost a minimum of €4,405 (exclusive of VAT). This amount will attract a credit of €595. (The maximum qualifying expenditure is €30,000). Jobs can be combined so that the minimum is reached.
The Property Clinic is VAT registered and will assist you with all of the steps.
Work covered under the scheme includes: extensions, demolition, the supply and installation of kitchens, bathrooms, storage, attic conversions, plastering, painting, joinery and carpentry decorating, tiling, flooring, landscaping which includes decking and structural work, home office installation, attic conversion, removal and installation of new windows, addition of energy-saving measures like spray-on external insulation, heat recycling systems, boiler installation and upgrade, solar panels. The construction of a garage, and the renovation or resurfacing of a driveway also qualifies.
Contact us for more information on the Home Renovation Incentive Scheme and how to apply.
