The Temporary Business Energy Support Scheme (TBESS) is a government-backed scheme that provides financial assistance to businesses in Ireland that have experienced a significant increase in their energy costs. The TBESS scheme was introduced in Budget 2023 in response to the rising cost of energy, which has been putting a strain on businesses across the country.
Who is eligible for the TBESS?
To be eligible for the Temporary Business Energy Support scheme, a business must meet the following criteria:
- Be tax compliant
- Carry on a Case I trade or Case II profession (this includes charities and approved sporting bodies that carry on certain activities)
- Have experienced a significant increase of 30% or more in its electricity and, or natural gas average unit price
Full details available on Revenue Website
How much can a business claim?
The amount of money that a business can claim under the Temporary Business Energy Support Scheme depends on the claim period and the level of increase in its energy costs. For the September 2022 to February 2023 claim periods, businesses can claim 40% of their eligible costs. For the March 2023 to July 2023 claim periods, businesses can claim 50% of their eligible costs.
Business can become a part by submitting on their claim portal
How to Claim the Temporary Business Energy Support Scheme (TBESS):
- Register for the scheme on ROS. You can do this by following the instructions on the Revenue website.
- Gather your documentation. You will need to provide evidence of your energy costs, such as your electricity and natural gas bills. You will also need to provide evidence of your business’s tax compliance.
- Complete the claim form. The claim form is available on the Revenue website. You will need to provide your contact information, your business’s details, and your energy costs.
- Submit your claim. You can submit your claim online or by post. The deadline for submitting claims is 30 September 2023
What are the eligible costs?
The eligible costs for the Temporary Business Energy Support Scheme are the following:
- The cost of electricity
- The cost of natural gas
- The cost of ancillary services, such as standby charges
- The cost of VAT on the above costs
How to claim
To claim under the TBESS scheme, businesses must register for the scheme on Revenue Online Service (ROS). Once they have registered, they can complete a claim form. The claim form must be submitted by the end of the month following the end of the claim period.
Duration of Scheme
The Temporary Business Energy Support Scheme (TBESS) was originally scheduled to run from September 2022 to May 2023. However, it has been extended several times, and is now scheduled to end on July 31, 2023.
The scheme is open to businesses that have experienced a significant increase in their energy costs. To be eligible, businesses must have experienced a 30% or more increase in their electricity or natural gas average unit price.
The amount of money that a business can claim under the TBESS scheme depends on the claim period and the level of increase in its energy costs. For the September 2022 to February 2023 claim periods, businesses can claim 40% of their eligible costs. For the March 2023 to July 2023 claim periods, businesses can claim 50% of their eligible costs.
Eligible costs include the cost of electricity, the cost of natural gas, the cost of ancillary services, and the cost of VAT on the above costs.
What do the payments mean for tax purposes?
Businesses that receive payments under the Temporary Business Energy Support Scheme (TBESS) must include those amounts when preparing their accounts.
The payments will reduce the amount of eligible expenditure that can be deducted from your income, which includes fixed costs such as rent, insurance, energy, and wages. This will affect the amount of tax due from your trading profits.
As a result, you may incur an additional tax liability when filing and paying your taxes.
What are the benefits of the Temporary Business Energy Support scheme?
The TBESS scheme provides a number of benefits to businesses, including:
- Financial assistance to help with the rising cost of energy
- Reduced financial strain on businesses
- Increased cash flow
- Improved ability to invest and grow
Conclusion
The Temporary Business Energy Support Scheme is a valuable scheme that can provide financial assistance to businesses that have been affected by the rising cost of energy. If your business is eligible for the scheme, I encourage you to apply.
In addition to the TBESS, there are a number of other government-backed schemes that can provide financial assistance to businesses that are struggling with the rising cost of energy. These schemes include:
- The Energy Efficiency Fund
- The Sustainable Energy Authority of Ireland (SEAI) Grants
- The Low Carbon Economy Innovation Fund
I encourage you to visit the websites of these organizations to learn more about the schemes that are available.
Here are some additional details about the Temporary Business Energy Support Scheme:
- The scheme is open to businesses of all sizes, including micro, small, medium, and large businesses.
- The scheme is open to businesses in all sectors, including manufacturing, retail, hospitality, and services.
- The scheme is open to businesses that are located in the Republic of Ireland.
If you are a business owner who is considering applying for the TBESS, I encourage you to do so as soon as possible. The scheme is open for a limited period of time, and the funds are limited.
In addition to the information above, here are some other things to keep in mind about the Temporary Business Energy Support Scheme:
- The scheme is administered by Revenue.
- Businesses must register for the scheme on ROS before they can claim.
- The claim form must be completed in full and must be accompanied by all relevant documentation.
- The claim form must be submitted by the deadline.
If you have any questions about the TBESS, you can contact Revenue on 1890 200 200 or by email
I hope this blog post has been helpful. If you have any questions, please feel free to contact Business utility broker. We as utility broker helps you reduce cost on your energy bills. We offer free consultation so contact us today to find more about our services.