[fusion_text]The Home Renovation Incentive scheme enables homeowners or landlords to claim tax relief on repairs, renovations and improvement works that are carried out on their main residence or rental property by tax-compliant contractors. The scheme was introduced for homeowners in October 2013 and was extended to landlords in October 2014.
Work completed by a number of contractors can be combined but each contractor must be registered for the scheme. The minimum spend must be €5,000 including VAT up to a maximum of €30,000 including VAT.
The HRI is paid in the form of a tax credit at 13.5% of qualifying expenditure, which can be set against your income tax over 2 years. This effectively reduces the rate of VAT to zero on qualifying work.
In general, qualifying work must be done between 25 October 2013 and 31 December 2015 (for homeowners) and between 15 October 2014 and 31 December 2015 (for landlords).
For more information log on to: http://www.revenue.ie/en/tax/it/reliefs/hri/index.html[/fusion_text]
