How do you get the home renovation credit ?
How will I receive the HRI tax credit?
The HRI tax credit will be included in your tax credits over two years. Your tax credit is 13.5% of the qualifying expenditure before VAT. It will begin in the year after the work is carried out and paid for.
For example:
- You hired a builder to carry out a kitchen renovation for €6,000 (before VAT at 13.5%). The work was carried out and paid for in October 2015. Your builder entered the details to HRI online.
- You hired a painter to carry out internal and external painting for €2,000 (before VAT at 13.5%). The work was carried out and paid for in September 2014. Your painter entered the details to HRI online.
- You claim your tax credit in January 2016
- Your tax credit is €8,000 x 13.5% = €1,080
- You receive your tax credit of €540 in 2016 and €540 in 2017
If you don’t use all of your HRI tax credit in any year, it won’t be refunded to you but it can be given as a tax credit in the next and following years
Any queries on same give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie
