Refurbishment projects – do you know the incentives available to claim?

In this month’s Insider Ireland’s Business Matters, senior consultant Phil O’Connor outlines that property owners – and even tenants – that are spending on the refurbishment of properties could be eligible for some valuable tax relief.

Phil explains that refurbishment projects which are undertaken at properties that are in use, or are capable of use, can attract high levels of relief for repair and maintenance spending.

He says: “Stage payments for refurbishment works are typically treated as capital expenditure; however the proportion of these works that relate to repairs and maintenance can be reclassified from capital to revenue expenditure, and treated as an expense for tax purposes, providing relief in the year of the expenditure.

“Some obvious works that could qualify as repairs include redecorations and repairs to the building structure, such as repainting or fixing a leaking roof.”

To find out more, you can read the article in full on the Insider Ireland website here or to discuss the potential savings available to you, please contact our team.

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