The Government recently announced more measures to help businesses deal with cost-of-living increases. These measures included the extension of the 9% VAT rate for a further 6 months and also that the Temporary Business Energy Support Scheme (TBESS) has been extended until the end of May.
The Temporary Business Energy Support Scheme will be extended, to 31 May 2023, and enhanced, including by reducing the threshold for qualification from a 50% increase in electricity or gas costs to 30% increase (to apply retrospectively from 1 September last year), and by increasing from 1 March the level of relief from 40% to 50% of eligible costs, subject to a monthly limit which will also be increased from March, to €15,000 per month per trade or profession, subject to an overall cap of €45,000 where the business is carried on from more than one location. These changes are subject to state aid approval from the European Commission.
Commenting on the extension of the TBESS for business CSNA CEO Vincent Jennings said that “while also extending the scheme until May we are glad to see that the Government have listened to CSNA and other representatives calls for the threshold for qualification to be reduced from 50% increase in electricity or gas bills to 30%. We feel that this will be a huge help to those businesses that are struggling with their current energy bills”.
CSNA are also happy to see that the relief will also increase from, 40% to 50% of eligible costs from March 1st.
The Convenience Stores and Newsagents Association has been in contact with Revenue on a timeline for when these changes will take effect and will make members aware once we have been informed.