How the home renovation incentive scheme works ?

Home renovation incentive scheme – Example how it works in practice ?

Mr A paid a VAT registered and tax compliant builder

€40,000 (excluding VAT) for an extension to his home/rental property which

was carried out and completed in May 2016. Payment for the qualifying work was

made in the year 2016. No grants or insurance payments were received in

respect of this qualifying expenditure.

The tax credit is calculated as follows:

€30,000 (maximum) x 13.5% = €4,050.

Relief is granted as follows:

2017: €2,025

2018: €2,025

Any queries on same give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie