Home Improvement Jobs Increase From Budget 2014
Friday, November 15, 2013
Onlinetradesmen.ie, Ireland’s largest source of qualified trade professionals, today released figures on the initial impact of the Home Renovation Improvement scheme launched as part of Budget 2014. The results show that the scheme has stimulated the home improvement sector with an increase in the number of home owners seeking Tradesmen and Builders to undertake work in their homes.
Overall the Onlinetradesmen.ie service has seen a 22% increase in property owners submitting projects on its service for the first month of the scheme from October 15th – November 15th 2013. This comes on the back of an already improved performance for 2013, with the total number of projects submitted up by 19% from 2012 levels.
“We are delighted with the initial impact of the home renovation scheme” comments Ted Laverty, Managing Director of Onlinetradesmen.ie. “It has injected some much needed spending back into the trade sector and appears to be making a meaningful difference to tradesmen and builders on the ground. Property owners look to be taking advantage of the keen pricing that is currently available for home improvement projects and the 13.5% tax refund available on the scheme.”
The following are some of key findings from Onlinetradesmen.ie across a sample of home improvement projects categories as a result of the scheme:
- Room Refits – +46%
- Insulation Projects – +44% increase
- Window Fitting – +42% increase
- Painting and decorating projects – +19%
- Extensions - +14% increase
These results exclude all seasonal repair and maintenance jobs such as plumbing and electrical work.
The home renovation tax incentive enables homeowners to claim a tax credit of 13.5% for all qualifying expenditure on repair, renovation or improvement work carried out on their homes carried out during October 25th 2013 to 31st December 2015. All works must be carried out by VAT registered tradesmen or builders in order for the property owner to be eligible for the refund. The minimal spend for a project to be eligible under the scheme is €5,000 (excluding VAT at 13.5%), with the maximum refund limit set on expenditure of €30,000 (excluding VAT at 13.5%). Of importance is the fact that property owners can accumulate their claim over the duration of the scheme across multiple projects.