The Home Renovation Incentive (HRI) Scheme was introduced to stimulate home improvement works. The scheme offers financial incentives to homeowners for home renovations and  has proved popular since its launch. It runs from 25 October 2013 to 31 December 2015. Qualifying expenditure is at the rate of 13.5% in the form of a tax credit. To participate in the scheme the homeowner must be:

 

  • Fully up to date with their obligations regarding local property tax and household charges.
  • Must be able to show payment of income tax, whether PAYE or Self Assessed.
  • Must be able to show that the works in question are being carried out on the individuals primary residence.
  • The works must cost a minimum of €4,405 (before VAT)

 

For contractors to participate in the scheme they must be:

 

  • Fully RCT & VAT registered
  • Fully Tax Compliant and have a tax clearance certificate.
  • Registered with Revenues Online Service

 

The benefits for a business of being fully eligible for the scheme are that it opens up new revenue streams for eligible customers.  Non eligible companies will be at a competitive disadvantage in the marketplace as they will likely miss out to a registered contractor if the client is faced with a like for like decision (client saves 13.5% on a same value quote).  Don’t miss out on new business by not having your tax affairs in order.

 

Contact Avid Partners today to get your tax situation up to date and get registered for this customer friendly scheme. If you don’t you will miss out on business opportunities that will be going to a competitor! Email: advice@avidpartners.ie for further details or call us on 01 4286900.

 

 

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