Budget 2015 has seen the retention and the extension of the popular HRI revenue scheme, introduced in Budget 2014, extended for another year.
This is welcome news for Terra Nua Building Contractors, and for the Building Sector in general, who lobbied for the extension. Much of the work, spend and employment in the sector this year has been stimulated by the HRI scheme. The scheme allows homeowners to claim the VAT amount paid on renovation works to their principle private residence on amounts between €5,000 and €30,000.
In effect up to €4,000 VAT can be recouped by private individuals through their taxes if renovation works are completed by Bone Fide Contractors, who are Tax Compliant. Budget 2015 has seen the scheme extended to those who are Landlords and who may own multiple properties, and thereby helps to promote the appropriate upgrading and renovation of rental properties.
In a Budget that did little else for the ordinary taxpayer, this at least was one small incentive to go out and spend again and get some people back to work.
As usual, we will keep you up to date on all our lobbying through our Facebook page!
We provide a wide range of services for our clients, including Design & Build, Project Management, Turn Key Construction and Project Cost Engineering. Other services we provide include Retained Maintenance, Minor Works and Tendering.