If you carry out repairs, renovations or improvement works to your own home, tax relief is available by way of an income tax credit at 13.5%.
The work must be on your own home. Holiday homes or rented residential property do not qualify. New builds and complete reconstruction of a previously uninhabitable house do not qualify.
You need to spend a minimum of €4,405 before VAT between 25 October 2013 to 31 December 2018. Your property tax and household charges must be up to date.
The tax relief is available up to a spend of €30,000 before VAT, although you can spend more….
You need a contractor who is tax complaint to make the claim as they make the application online via ROS and enter the payment details online. You will need to provide your Property ID or Local Property Tax PIN to your contractor.
For examples of the work that qualify from painting and decorating to attic conversions see www.revenue.ie. This also lists what does not qualify, such as carpets and furniture.
So, if you spend say €20,000 on qualifying renovations on your own home, the tax relief is €2,700.
You have until 31 Dec 2018 to have paid for the work in order to get the benefit of this incentive.
Have a question? Contact Frances Brennan.
Your comments are always welcome!