Business Energy Support Scheme

New Temporary Business Energy Support Scheme

Small and medium businesses are the backbone of our domestic economy and they support thousands of jobs.

Today, Minister Donohoe announced that a new scheme to help such businesses pay for increasing energy costs will be launched. Full details of the new Temporary Business Energy Support Scheme (TBESS) are yet to be published but what we understand from the Minister’s speech is that it will pay for 40 percent of the increase in gas and electricity that small and medium businesses are facing.

The details of the scheme outlined by the Minister today are set out below and once more details are published we will update members via Chartered Accountants Tax News.

  • The scheme will be open to businesses that carry on a Case 1 trade, are tax compliant and have experienced a significant increase (more than 50 percent) in their natural gas and electricity costs;
  • It will be administered by the Revenue Commissioners and will operate on a self-assessment basis;
  • The scheme will operate by comparing the average unit price for the relevant bill period in 2022 with the average unit price in the corresponding reference period in 2021;
  • In order to be eligible for the scheme, the average unit price must have increased by more than 50 percent;
  • Claims will be able to be made by businesses for up to 40 percent of the amount of the increase in the bill, capped at €10,000 per month per trade;
  • An overall cap will apply on the total amount which a business can claim.
  • According to the Department of Enterprise Trade and Employment payments will be backdated to September 2022 and will run until at least February 2023 and will cost €1.25 billion.

The scheme is being designed to be compliant with the EU State Aid Temporary Crisis Framework and will require approval by the EU Commission in the advance of making payments.

EWSS and CRSS support extended –

Following the announcement by An Taoiseach last Friday that new public health restrictions will be imposed on the hospitality sector and indoor events from Tuesday, 07 December to Sunday, 09 January 2022, it was expected that a new support scheme would be announced to target those affected businesses.

Earlier this week, however, it was decided to drop plans for a new scheme and instead extend two existing schemes namely the Employment Wage Subsidy Scheme (EWSS) and the Covid Restriction support Scheme(CRSS).

The EWSS will remain at its original rates for the next two months while the CRSS will remain in place until the end of January for businesses forced to closed.

A commercial rates waiver for hospitality, tourism and the live events industries will also be extended until March next year.

The Pandemic Unemployment Payment (PUP) has been reopened for new applicants who lost their job on or after 7 December as a result of the new restrictions being imposed.

tax return Ireland deadline 2021

Tax return deadline ireland 2021 – Don’t let your tax return ruin your festive season!

An article highlighting some key information around the self-assessment deadline of 17th November 2021 ( Tax return deadline ireland 2021 ).

At this time of year, we are getting ready to enjoy Halloween and Christmas.

But small self employed individuals and landlords shouldn’t overlook their requirement to file a tax return by 17th Nov 2021.

It takes some time to get registered with Revenue– in terms of informing them that you need file a tax return (because you’re newly self-employed for example) So it’s really important that you factor in some processing time.

And remember, contrary to popular belief, Revenue will not necessarily send you a tax return to complete- it is your responsibility to register for Self-Assessment if necessary.

Late Filing Penalties There will be late filing penalties if tax returns are not made in time. If you file your Income-tax return late, a surcharge may be added on to your tax due, as follows:

• If you miss the deadline of 31/10/2021 (or 17/11/2021 for ROS customers) and you file your tax return before 31st December 2021, there is an extra penalty of 5% of the tax due (maximum of €12,695)

• If you file your 2020 tax return after 31st December 2021, there is an extra penalty of 10% of the tax due (maximum of €63,485), What is taxable?

The good news is that only profits from renting out property or business are liable for income tax.

To calculate your profit you will need to calculate your total income in any tax year and deduct any ‘allowable expenses’. The remaining sum will be subject to income tax, but remember that the rate of tax you pay will depend on your total taxable income.

Here to Help Revenue online filing system for tax returns calculates your tax liability for you.

But needless to say, it will not check whether your figures are accurate or that you have claimed your full entitlement to expenses, reliefs and allowances.

But we would be happy to take care of all your tax affairs for you; from registration with Revenue, to completion of the return, to calculation of your tax liability and the due dates. So don’t ruin you festive season by filing your tax return late and facing a late filing penalty.

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation.

Also Read:Budget Report 2022

Are you looking for Specialist Medical Accountants?Get in touch with us Now.

irish budget 2022

Budget Report 2022

Minister for Finance, Paschal Donohoe, and Minister for Public Expenditure, Michael McGrath delivered the 2022 Budget today, Tuesday 12 October 2021.

Budget 2022 has set Ireland on a path to sustainable recovery and growth as Irish businesses seek to restart and recover.

Tax cuts were a little higher than signalled meaning all workers & the self-employed will have more money in their pockets next year. Businesses will be very glad to see the extension of the Employment Wage Subsidy Scheme (EWSS).

Take a look at how Budget 2022 affects you:

  • Personal Tax Credit increased by €50 to €1,700
  • Employee Tax Credit/Earned Income Tax Credit also increased by €50 to €1,700
  • Amount you can earn before suffering income tax at 40% increased by €1,500 to €36,800
  • Employment Wage Subsidy Scheme to be extended beyond December 2021 to 30 April 2022 albeit at reduced rates
  • VAT rate on hospitality and tourism sector to remain at 9% until 31 August 2022
  • Commercial rates holiday to be extended to end of 2021 with amended conditions meaning not all businesses will qualify
  • Amendment of Debt Warehousing Scheme which will benefit company directors
  • Working from Home – improved tax relief for utilities and broadband costs incurred by employees working from home

Tax Credits and Rate Bands

The Personal Tax Credit will be increased for everybody by €50 to €1,700 from 01 January 2022.

The Earned Income Tax Credit and Employee Tax Credit are also being increased by €50 to €1,700 for 2022

In addition to this there will be a €1,500 increase in the amount you can earn at 20% before moving to the higher rate of 40%.

For 2022 the new 20% cut off point will be €36,800.


The Employment Wage Subsidy Scheme (EWSS), which was due to expire on 31 December 2021 has been extended for a further 4 months to 30 April 2022 although the rates will be reduced incrementally.

The updated details are as follows:

  • current arrangements for EWSS remain in place until 30 November 2021;
  • for the three months December 2021 to February 2022 there will be two subsidy rates namely €151.50 and €203 per employee per week;
  • for the two months March 2022 and April 2022, a single flat rate of €100 per week will apply;
  • the existing reduced rate of Employers’ PRSI (0.5%) will continue to apply until the end of February 2022. The full Employers’ PRSI contribution will be reintroduced from 1 March 2022 until the scheme ends;
  • scheme to conclude on 30 April 2022.

Eligibility for the scheme will continue to be a 30% reduction in turnover/customer orders in the full year 2021 as compared to the full year 2019.

The scheme will close to new employer entrants with effect from 1 January 2022 


The reduced 9% rate of VAT applying to the hospitality and tourism sector, which was due to expire on 31 December 2021, has been extended up to 31 August 2022.


Since 2008 there has been a relief from corporation tax for start-up companies in their first three years of trading.

The relief is granted by reducing the corporation tax payable on the profits of the new trade and gains on the disposal of any assets used for the purposes of the new trade. The amount of relief available is directly linked to the amount of Employers’ PRSI paid.

The relief will be extended for a period of five years until 31 December 2026.

The relief will also be amended such that start-up companies will be able to avail of the relief for up to five years, in place of the current three years.

Please click here for more info on tax and Bands

Date Published 12 Oct 2021

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation.