Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Property maintenance Home Renovation Incentive

Options
  • 24-04-2014 4:30pm
    #1
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,384 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

  • Options
    #2
    Ray Palmer
    Registered Users Posts: 8,394 ✭✭✭Ray Palmer


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


  • Options
    #3
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,384 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.


Advertisement