Like this years All Ireland finals yesterday’s Budget arrived earlier than usual this year.
Amongst the many new policies the most immediate and important for the SME sector is the new Temporary Business Energy Support Scheme (TBESS). Following on from the Covid related TWSS and EWSS the TBESS will be administered by Revenue as a direct payment to qualifying businesses.
The scheme will pay for 40% of the increase in gas and electricity that eligible businesses are facing. The scheme will be backdated and will run from September until at least February. First payments will be made in November.
Businesses will be required to register for the scheme, to make claims within the required time limits and be fully tax compliant.
The scheme will compare the average unit price for the relevant bill period in 2022 with the average unit price in the corresponding reference period in 2021.If the increase in average unit price is more than 50% then the threshold is passed and the business will be eligible for support under the scheme. The support will be calculated on the basis of 40% of the increase in the bill amount.
Attached is a short summary of the main points of Budget 2023. Please do not hesitate to contact us with any comments or queries.