Government Grant for Home Improvements
Many people are not aware of the recently introduced government home renovation scheme (HRI).
At Global Home Improvements many of our customers have availed of significant tax relief that has made their improvements cost efficient as well as adding to the value and comfort of their home.
What is the HRI scheme?
The scheme was introduced to allow homeowners or landlords claim tax relief on repairs, renovations or improvement work that is carried out on their main home or rental property. It is structured in such a way that only qualified reputable companies can be used to complete the work.
What work is covered under the HRI scheme?
Repairs, renovation or improvement work are all covered by the HRI. This can include fitting of new windows and doors, attic insulation, extensions, bathrooms, rewiring, roof repairs, conservatories, flat roofs, fascia and soffit, replacement tiling, built in wardrobes and more.
How do I know if I qualify?
If you pay income tax under PAYE or self-assessment, or are on an occupational pension where you pay tax under PAYE, you can claim. Work must be completed by the owner occupier of the home or by landlords of a rental property and you must be compliant in property tax or landlord PRTB requirements.
The minimum spend before you are entitled to claim is €4,005 (€5000 Inc. VAT). The credit starts at €595 with a maximum of €4,050 based on the maximum qualifying expenditure of €30,000. With effect from January 2017, HRI has been extended to local authority tenants who have written consent from the local authority to carry out the works.
Selecting a Contractor
Only qualified contractors that are VAT and RCT registered and tax compliant can take part. This is to ensure the quality of the work is of the highest standard. Global Home Improvements clients have been benefiting from this scheme from the start as we are totally compliant in all areas.
The good news is that all our products are eligible under the scheme and can be combined to achieve the maximum benefit from this scheme. This includes our triple glazed windows, doors, roofline, fascia, soffit, flat roofing, attic insulation and popular conservatory tiled roofs.
How do I claim?
The grant is paid in the form of a tax credit at 13.5% of qualifying expenditure. This equates to reducing the rate of VAT to zero. The credit is set against your income tax over 2 years.
What’s the next move?
If you are considering making some renovations to your home contact us to discuss how you can avail of this government grant. Global Home Improvements have the experience to give you expert advice. Our work is always covered by our 15 year guarantee and the promise of customer satisfaction with our aftercare service.
The HRI scheme only lasts until next year so in order to qualify for the HRI, the work must be done before December 2018. Don’t put it off and miss out on this great opportunity.