Revenue has launched a new Home Renovation Incentive (HRI) electronic system which homeowners can use to check if a contractor is tax compliant. Contractors can enter details of qualifying works and payment received through the HRI on ROS.
The HRI scheme provides for tax relief for homeowners by way of an income tax credit at 13.5% of qualifying expenditure on repairs, renovations or improvements carried out to the Homeowners main home by qualifying contractors.
A homeowner cannot claim a tax credit if details of the works done and payment information is not logged online by the contractor. Where work has been carried out from 25 October 2013 to 9 April 2014, contractors must enter the relevant information online before 8 May 2014.
Homeowners are encouraged to check online to see if the relevant details have been updated prior to claiming the tax credit.
Contact our team for advice and information. Call FMB on 01 645 2002 or email email@example.com.
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