Earthkind - Home Renovation tax incentive scheme - **now extended to 2018**
It was announced in Budget 2014 that there will be a tax credit based incentive for home-owners wishing to carry out renovation/retrofit works to their home. The scheme has now been extended in budget 2016 to December 2018.
Earthkind are a registered company for the scheme & can handle all the appropriate paper work for you, meaning not only can you reclaim the vat, it's hassle free too!
Earthkind Products that qualify under the scheme
Earthkind Pvc Windows & Doors
Earthkind Aluminium Windows & Doors
Earthkind composite Doors
Earthkind Lift & slide Doors
Earthkind Sliding sash Pvc Windows
Window & Door fitting are covered under the scheme
• The scheme will include works carried out from Oct 2013 & 31st December 2016 ** NOW EXTENDED TO 31ST DEC 2018**
• Home-owner rebate will be rewarded in the form of Tax Credits
• Tax Credits will be paid over the following 2 years (if work is carried out in 2016, the rebate will apply for 2017 & 2018 tax years)
• Some measures covered by the scheme include Windows Fitting, Extensions, Plastering and plumbing
•The qualifying work must cost at least €4,405 before VAT at 13.5%, which adds to a total of €5,000 with VAT included. You will only get the tax credit in relation to a maximum of €30,000 (before VAT) during the 2 years covered by the HRI.The minimum credit is €595, based on the minimum qualifying expenditure of €4,405. The maximum is €4,050, based on the maximum qualifying expenditure of €30,000.
You will need to be able to produce a vat invoice from a tax compliant/C2 registered company, like Earthkind Window & Door Systems.
Claiming the credit
You can claim the HRI tax credit after the end of the tax year if your qualifying expenditure has reached the minimum amount of €4,405 before VAT (a total of €5,000) and you have paid income tax. Any unused tax credit can be rolled over into the following year.
In general, the tax credit is payable over the 2 years following the year in which the work is carried out and paid for .If you are on PAYE, your HRI tax credit will be divided evenly across your pay dates for each of the 2 years that it is payable. If you are a self-assessed taxpayer, it will be included in your self-assessment over 2 years, half the tax credit each year.
For homeowners & landlords the claim facility is available on HRI online or if the works are carried out by Earthkind, we can submit all relevant forms to revenue on your behalf.
If you would like to find out more please contact us on 01 801 0229 or why drop into our new showrooms in our new head office in unit 24 Ashbourne business centre, ballybin rd, Ashbourne, Co Meath (beside height for hire).
For faq's visit revenue http://www.revenue.ie/en/tax/it/reliefs/hri/hri-general-faqs.html