The Minister for Finance Michael McGrath TD received confirmation from Revenue that the first payments have been made under the Temporary Business Energy Support Scheme (TBESS) and should start to appear in business bank accounts from Thursday 22nd of December.
The TBESS was announced as part of Budget 2023 to help businesses meet rising energy costs.
The Revenue Online System opened for businesses to register on 26 November 2022 and eligible businesses have been able to submit claims since 5 December 2022. Detailed guidance on who qualifies for the scheme and how to register and make claims is available on the Revenue website, in addition to a link to a recent webinar on the topic.
Speaking today, Minister McGrath said:
“This is very welcome news for business owners who are experiencing real challenges with the cost of their energy bills. For those who have submitted claims already, the first payments have now been made and over 1,800 businesses will see payments with a combined value of €4.8 million land into bank accounts before the weekend.
The TBESS was the single largest item announced on Budget day, and will provide substantial support for businesses who are facing large increases in their energy costs.
Over 7,000 businesses have registered for the scheme to date. I do expect there are many more who meet the qualifying criteria and therefore I encourage businesses to logon to Revenue’s Online Service, register and submit their claims, or, where necessary, engage with their advisors and accountants in order to apply and submit claims because we want to ensure this scheme helps to protect jobs and keep businesses going during this difficult trading environment.”
The TBESS is a support available for businesses that carry on a trade or profession chargeable to tax under Case I or II of Schedule D, including self-employed individuals, companies and partnerships. Charities and sporting bodies who carry on certain activities which would be chargeable to tax under Case I or II of Schedule D but for an available exemption are also included in the scheme.
The scheme provides a direct payment to eligible businesses covering 40% of the increase in their energy bills up to a maximum of €10,000 per month.
Where the business operates across more than one location, the business will be eligible for an increased cap of €10,000 per location, up to a maximum amount of €30,000 per month.
The scheme will operate in respect of energy costs relating to the period 1 September 2022 to 28 February 2023. However, the Minister for Finance may, by Ministerial Order extend the scheme to a date not beyond 30 April 2023. Detailed guidance on who qualifies for the scheme and now to register and make claims is available on the Revenue website, in addition to a link to a recent webinar on the topic.
Article Published: 22/12/2022