Home renovation incentive

Example of how Home renovation incentive works

Mr Smith paid a VAT registered and tax compliant plasterer €3,000 (excluding VAT) for plastering work and also paid a VAT registered
and tax compliant painter €2,050 (excluding VAT) for internal and external painting work on her home/rental property.

The work was carried out in 2017 and payments for the qualifying work were made in 2017. No grants or
insurance payments were received in respect of this qualifying expenditure.

The tax credit is calculated as follows:

Total VAT exclusive amount €5,050 x 13.5% = €682

Relief is granted as follows over the following years:
2018: €341
2019: €341

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