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Finance Bill to widen energy support scheme to include professionals

By October 21, 2022No Comments

The Government is expected to confirm that its new support scheme aimed at assisting businesses with the rising cost of energy will be extended to include professional firms, when it publishes the Finance Bill today.

When the €1.25 billion Temporary Business Energy Support Scheme (TBESS) was announced in last month’s budget, it was originally planned to cover just Case 1 income or money made by businesses involved in trade such as shops, hotels and restaurants.

However, following representations from those involved in professional businesses, such as doctors, accountants, solicitors and dentists, who are classed as Case 2 by Revenue, the Government is to extend its scope to cover such firms.

It is understood that new businesses will also be eligible for the TBESS scheme.

The fund aims to help mainly small businesses, covering up to 40% of the increase in energy bills up to €10,000 per month until February.

However, the Government has also decided that where a business operates from more than one location, the cap will be increased to a maximum of €30,000 a month.

Expanding the scope of the TBESS is likely to increase the overall cost of the scheme.

The supports will be open to businesses that are tax compliant and have experienced a significant increase in their natural gas and electricity costs.

It will be administered by Revenue and will operate on a self-assessment basis.

The Finance Bill sets out many of the legislative changes needed to implement many of the budget day announcements.

Article Source: Finance Bill to widen energy support scheme to include professionals – Will Goodbody – RTE

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