Kube is delighted to announce that we are registered with the Home Renovation Incentive Scheme. We have collated some information on the scheme for you below:
- Contractor carrying out the work, Kube in this case, has to be tax compliant and the claimant (householder) will also have to be up to date with their Local Property Tax.
- Kube is tax compliant and does qualify for this scheme
- The scheme applies to projects to which the 13.5% vat rate applies. Kitchens and wardrobes which are supplied and fitted will qualify.
- Household furniture such as tables, chairs, stools etc from our Calligaris range does not qualify. Neither do kitchen appliances.
- Applies to expenditure incurred/work carried out in 2014 and 2015. Expenditure incurred/work carried out in period from 25/10/13 to 31/12/13 is deemed to have occurred in 2014.
- This applies to Renovations carried out on an individual’s Principal Private Residence, i.e. the one they own and live in (doesn’t apply to holiday homes/ investment properties).
- In order to claim this relief, the Minimum Value of the renovation must be €5,675 (€5,000 plus 13.5% Vat) and the Maximum Value that can be claimed (although the total spend can be more than this) is €34,050 (€30,000 plus 13.5% Vat). Therefore the minimum tax relief to the person claiming is €675 and maximum is €4,050.
- The relief will be reduced if the claimant is in receipt of grant aid or insurance proceeds for the work being done.
- Relief is given by way of income tax credit in the two years after the year the expenditure is incurred/work is carried out. So, if for example the work is carried out in 2014, then income tax relief of half of the 13.5% Vat will be given in 2015, and the other half in 2016.
- The claims process appears to have a few stages. However the means to apply online will not be made available until March of next year. Given that Revenue haven’t yet got their electronic system of claiming up and running , we will have 28 days after it is up and running to get all applications submitted relating to payments received on or after 25/10/13 up to the date the system goes live.
Please Note:This information sheet has been prepared as a guide from information currently available on the Government website. The legislation is not passed yet and there could be changes made before it is enacted.
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