Increased Cost of Business Grant (ICOB) - The latest from Dublin City Council

As a Dublin-based accountancy firm, we're delighted to share the latest from Dublin City Council on the Increased Cost of Business Grant (ICOB). The Government, as part of Budget 2024, announced the Ireland-wide Increased Cost of Business (ICOB) Scheme, with a dedicated fund of €257 million. For businesses based in Dublin city, the initiative is being managed by Dublin City Council (DCC) with funding from the Department of Enterprise, Trade and Employment (DETE). The overarching aim of the grant is to support small and medium-sized businesses navigating the challenges of rising costs.

What Dublin-based SME's need to know

Eligible businesses in Dublin will benefit from a once-off grant, calculated based on their 2023 Commercial Rates bill. It's important to note that this grant does not replace the obligation to pay Commercial Rates but offers financial support to help businesses retain their resilience in the face of increased operational expenses.

The grant amount varies, with businesses having a 2023 Commercial Rates bill of less than €10,000 eligible for a grant amounting to 50% of their bill. Those with bills between €10,000 and €30,000 are eligible for a €5,000 grant, while businesses with bills over €30,000 do not qualify for this grant.

Eligibility

To be eligible, businesses must be actively trading from a commercial property (with rates), have been in operation since at least 1st February 2024, and intend to continue trading for a minimum of three months post-application. Compliance with Commercial Rates and tax obligations is also required, alongside a valid Tax Registration Number (TRN).

Submission deadline

Dublin City Council will soon provide details on the online system for grant applications, which is expected to be accessible by mid-March. The application submission deadline is targeted for 1st May 2024.

What's next?

For further information and to prepare for the application, keep an eye out for updates from Dublin City Council and check the forthcoming FAQ on the grant scheme. If you have queries regarding your Commercial Rates account including outstanding balances, contact Dublin City Council at?[email protected].

In our view, this announcement is not just timely, but crucial for Dublin's business landscape, offering a tangible form of support to those affected by rising costs. We very much welcome this progress announced by Dublin City Council.

About CAS Advisory

CAS Advisory is a mid-size Accountancy practice based in Fitzwilliam Square, Dublin 2. We support Irish companies and International group structures (with a presence in Ireland) with specialist Accountancy, Audit, Taxation, Payroll, Business Advisory, and Insolvency support. We pride ourselves on our responsive, innovative, and attentive approach. Find out more about CAS Advisory, Chartered Accountants at www.casaccountants.ie or email to arrange a consultation at [email protected].