Time running out for those wishing to avail of government’s tax back scheme 11/09/15 : the chronicle.ie

Time running out for those wishing to avail of government’s tax back scheme 11/09/15

| September 11, 2015

There have been very few ways of getting money back from the government in recent years, in fact all the movement has been in the opposite direction. However, an exception to this has been the Home Renovation Incentive Scheme (HRI) which was introduced by Minister Michael Noonan toward the end of 2013.

It has enabled thousands of people to claim tax back on the money they spent for renovations and improvements to their homes and has been a tremendous success.

It was designed to provide a kick start to the construction industry which fell into a state of collapse during the recession and it has enabled many homeowners to have work carried out which they had put off for a number of years.

Homeowners can claim back a maximum of just over €4,000 under the scheme but time is running out for those who want to avail of it because it runs out at the end of the current year———–so you would need to get cracking with renovations to qualify for the payback.

The incentive applies to work carried out on a main home or rental property by qualifying contractors. The amount of relief available to taxpayers depends on the amount spent on qualifying works and the tax relief can be claimed on anything spent over €4,405.

This total does not have to be on a single job but can be made out of various works in a house. While there is no upper limit on qualifying works, the tax relief is only provided on works up to €30,000.

The relief is available to both owner occupiers of a main home or Landlords of rental properties who pay tax under PAYE or self assessment.

House made of tools over white background

House made of tools over white background

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