Blog

Increased Cost of Business (ICOB) Grant

Gallagher keane (18)
Business

Increased Cost of Business (ICOB) Grant

Eligible businesses who pay rates will receive a once-off grant payment in 2024. The amount of the grant is based on the value of the 2023 Commercial Rates bill for the property your business occupies. However, it is not a Commercial Rates waiver and businesses should continue to pay their Commercial Rates bill as normal. Your business must be rates compliant. Businesses performing approved payment plans may be deemed to be compliant. 
 

The Main Eligibility Criteria Are:

  • Your business must be commercially trading from a rateable property. 
  • Your business must have been trading on 1st February 2024, and intend to continue for at least 3 months after submitting information. 
  • Have an up-to-date rates account, with payment plans possibly considered compliant. 
  • Be tax-compliant with a valid Tax Registration Number. 

How Much is the Grant?

The grant is based on the value of the Commercial Rates bill received by an eligible business in 2023: 

  • For bills under €10,000, it’s 50% of the bill’s value. 
  • For bills between €10,000 and €30,000, it’s a fixed €5,000. 
  • Businesses with bills over €30,000 aren’t eligible. 

What is the Purpose of the Grant?

The grant is available to qualifying businesses as a contribution towards the rising costs faced by businesses. The grant is intended to aid businesses but is not intended to directly compensate for all increases in wages, or other costs, for every business. 

How to Register for the Grant? 

Businesses can use the ICOB portal which is available at mycoco.ie/icob. If you need assistance with the grant, please contact [email protected]  

What Data do You Need to Register for the Grant:

The following is the data that the local authority will require to validate your eligibility for the grant: 

  • Your council customer number, your PIN, and LAID number which is available on your Rate Bill. 
  • Your legal business name and the property address including Eircode. 
  • Your email address and contact number. 
  • Your bank statement header which shows bank account details (must be dated within the last three months). 
  • Your Tax Registration Number (TRN) 
  • A Tax Clearance Certificate may be requested depending on the value of the grant. 
  • The number of employees that you employ and the business type (these are used for statistical purposes and not for the validation of the grant). 
  • You must self-declare that: – The property is not vacant. 
  • Your business is tax-compliant and was commercially trading at 1″ February 2024. You must also confirm that you intend to continue trading for at least three months following the date of your submission.  
  • You must also consent to the use of supplied data to process the grant. 

When Can You Expect to Receive the Grant:

After you submit your application to avail of the grant, County Council will review and validate submissions across the county. 

What is the Closing Date?

The closing date for businesses to confirm eligibility and upload verification details will be 1st May 2024.

Contact us:

At Gallagher Keane, our dedicated team of professionals is committed to providing business owners with valuable support. We take care of various administrative tasks, forecasting, and accounting management on behalf of your organisation.