Are You Eligible for Tax Relief If You Refurbish an Old House?
There are a lot of tax breaks available for home maintenance and renovation. Are you taking advantage of these tax breaks? Check this article to see whether you’re eligible.
Tax reliefs lower the amount of income on which you must pay taxes. You may be eligible for a tax refund if this is the case.
The amount of tax relief you are entitled to is determined by your tax rate, so if you’re unclear, see an accountant. Individuals and enterprises in Ireland use professional accountants to assist them with their accounts and financial responsibilities to Revenue.
The last thing you want to do as a new business or sole trader is under-declare tax. You don’t want to overpay, but you also don’t want to underpay. Understanding the tax reliefs and credits you are eligible for will assist you in lowering your tax burden at the end of the year.
The Living City Initiative:
The Living City Initiative (LCI) is a tax credit programme for Special Regeneration Areas (SRA) in the following cities:
For money spent on renovating or converting residential or commercial properties, you can claim tax relief.
Under the LCI, there are three forms of relief available:
Owner-Occupier Residential Relief.
Rented Residential (landlord) Relief.
For owner-occupied residential properties, you can deduct 10% of the cost of renovation (above €5000) from your taxable income each year for a period of ten years.
For rental and commercial relief, you can claim 15% of qualifying costs for the first six years and 10% in year seven, up to a maximum of €200,000 in tax relief.
Home Renovation Incentive (HRI)
For homeowners, landlords, and local authority renters, the Home Renovation Incentive (HRI) scheme provides tax relief. It can be used to pay for repairs, renovations, and upgrades to your house or rental property completed before December 31, 2018. The sole exemption is if planning approval was obtained by December 31st, 2018, in which case work completed between January 1st and March 31st will be eligible.
You may still be eligible for tax relief if you file a claim up to four years after the qualifying work was completed.
To be eligible for the programme, you must:
Pay tax using PAYE (Pay As You Earn) or self-assessment.
Make sure you’re up to date on your local property taxes (LPT)
Have the work in question been completed by an HRI qualified contractor?
Expenditure on buildings and gardens that have been authorised
If you own or occupy a building, garden, or object that is of significant scientific, historical, architectural, or aesthetic importance, you can decrease your tax liability. The Minister for Tourism, Culture, Arts, Gaeltacht, Sport, and Media will decide on this interest.
Unless it is being utilised for tourist accommodation, the building or item must provide adequate public access.
You can claim tax on the repair, maintenance, or restoration of the products once they’ve been approved. Visit the Revenue website for additional details.
Do you require accounting & taxation assistance?
Understanding the various tax credits and exemptions may be a tough subject to grasp.
This is especially true if you’re beginning a business in Ireland and want to focus on running it as efficiently as possible. We have a page dedicated to common tax credits in Ireland, but please contact our Customer Services Team if you would want information on your unique case. We’re always pleased to chat about the services you’ll need to get your company off to a good start!
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