Planning a major renovation or home improvement? At John Bosco we aim to be of the upmost help in relieving the stress this can bring. We believe that this is an experience that should be enjoyed rather than dreaded. We search for possible stressors to make designing your dream bespoke kitchen a transforming experience. With just under 6 month left of the home renovation incentive scheme we believe that creating an awareness of this will lower stress and reluctance for readers planning their dream bespoke kitchen.
Launched by Michael Noonan in Budget 2013
The government granted this scheme with the hope that it would help the construction trade get back on its feet after the recession and discourage people from using contractors operating in the within the “black market”..
• The work must carried out on or after 25 October 2013 and on or before 31 December 2015.
• Qualifying works must cost a minimum of €5,000 (including VAT at 13.5%). The €5,000 can be made up of a number of payments to different qualifying contractors.
• There is no upper limit on the cost of the works but the maximum amount on which relief can be claimed is €30,000 (before VAT). The tax credit will be 13.5% of the cost of the works (before VAT), subject to the minimum and maximum amounts. The VAT amount at 13.5% of your overall cost, up to €30,000 may be reclaimed through your tax returns for the following 2 years.
• This means you can now get back anything from €595 to a maximum of €4,050 on all renovations or improvements.
• Payments for qualifying work which are made between 25 October 2013 and 31 December 2013 will be treated as if they were made in 2014.
• If planning permission is required and is in place by 31 December 2015, then payments made in respect of qualifying work carried out between 1 January 2016 and 31 March 2016 will qualify under the incentive.
• Homeowners must be LPT and Household charge compliant in order to qualify while building contractors must be VAT registered and tax compliant in order to carry out works.
For a very useful article to help you understand the process further click here
For more information go to
Www.revenue.ie or Www.citizensinformation.ie