Deadline looms for claims under home renovation tax scheme

Homeowners could lose out on

tax relief

if contractors working on their homes do not file details of the work and payment involved by this Thursday.

Families could find themselves up to €4,050 out of pocket if contractors do not meet their Revenue obligations under the Home Renovation Incentive scheme.

The scheme relates to work done on main family homes between October 25th last year – shortly after it was announced in the budget – and the end of 2015.

Getting clearance
In general, homeowners looking to avail of the relief on spending of between €5,000 and €30,000, have to ensure contractors sends Revenue certain information online before getting clearance under the programme.

However, until last month, the Revenue’s online system to handle application under the Home renovation programme was not up and running.

Now that it is, Revenue has set a May 8th deadline for any contractor who agreed before April 10th last to start work under the scheme to provide it with the necessary details. All details must be submitted online, not by post.

If contractors fail to do so, the homeowner will find themselves unable to claim the 13.5 per cent tax credit.