Not only will you save money on your heating bills by installing Senators fantastic range of energy efficient windows and doors, but with the Home Renovation Incentive Scheme you have the added benefit of getting the equivalent of the VAT back, saving you up to €4,050!
Finance (No 2) Act 2013 and Finance Act 2014 provide for a Home Renovation Incentive (HRI) Scheme, which runs from 25 October 2013 to 31 December 2018 for Homeowners and from 15 October 2014 to 31 December 2018 for Landlords. The Incentive provides for tax relief by way of an Income Tax credit at 13.5% of qualifying expenditure on repair, renovation or improvement works carried out on a main home or rental property by qualifying Contractors. Qualifying expenditure is subject to the 13.5% VAT rate. The supply and fit of new windows and doors is eligible.
The works must cost a minimum of €4,405 (before VAT) per property, which will attract a credit of €595 per property. Where the cost of the works exceeds €30,000 (before VAT) per property, a maximum credit of €4,050 per property will apply. The credit is payable over the two years following the year in which the work is carried out and paid for. The first year for HRI tax credits was 2015 for Homeowners and 2016 for Landlords.
The works must be carried out on or after 25 October 2013 and up to 31 December 2018 for Homeowners and on or after 15 October 2014 and up to 31 December 2018 for Landlords. Homeowners or Landlords must be Local Property Tax and Household Charge compliant in order to qualify under the Incentive. Landlords must also have complied with the Private Residential Tenancies Board registration requirements. Contractors must be VAT and RCT registered and tax compliant in order to qualify to carry out works under the HRI. The Incentive will be administered through Revenue’s HRI online which is available on myAccount (for homeowners) or on Revenue’s Online Service (ROS) (for contractors and homeowners) if you are registered for ROS. All works, payments and claims must be entered on HRI online. Both myAccount and ROS can be accessed on www.revenue.ie
Can you afford not to? Don’t delay, talk your local dealer today to find out more, call 1850 77 44 55. There’s never been a better time to buy Senator Windows.
For more information on the details of the scheme please refer to the revenue website www.revenue.ie
*Updated October 2016. Information correct at time of posting