I often find that small business owners miss out on some tax reliefs and supports because they simply do not have the time to read everything that comes their way.
The TBESS is one of those such schemes that the government has put in place to help businesses with their energy bills.
In this article I hope to explain this scheme is as few words as possible starting with whether you qualify or not. If you think you do you can read on, if not then no time wasted
So what is the TBESS and can your business get money back from this scheme?
If your business has experienced a 50% or more increase in your energy costs in a calendar month from September 2022 you are eligible.
Check your energy costs for each month from September 2022 and if it is 50% or more higher than the same month in 2021 you can claim relief.
So if you think that might be the case (dig through those old bills) you should be entitled to relief.
(If you can’t find your energy bills then you need to get more organised so give me a call! )
How can I claim and how much do I get?
You must register for the scheme through a dedicated portal on ROS (Revenue Online Services) and enter the required information.
The assessment is based on the average unit price for each billing period you are claiming for so it should be easy to compare the bills. You can include the unit price, standing charges and other charges such as the PSO levy (which was reduced to zero from October 22). Do not include VAT and my understanding is you don’t have to include any discounts given by your supplier either.
The system will do all the calculations for you.
You may need to have a tax clearance certificate to hand as you might need to submit some details from that.
Eligible businesses can claim a monthly payment of up to €10,000 (increased to €15,000 from March 23)
The scheme was originally due to end in February 2023 but has been extended to 30th April 2023.
For more detailed information go to
https://www.revenue.ie/en/starting-a-business/tbess/index.aspx