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InStreatham

A voice for business. A vision for the community. A future together.

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Frequently Asked Questions

Created by local businesses for local businesses

FAQ

What is a BID (Business improvement district)? Expand

A business improvement district (BID) is a defined area within which businesses hold a ballot (vote) to pay a levy (an additional tax or fee on top of business rates) that pays to fund improvements in the defined BID area.

But I already pay rates. Should the council be doing this? Expand

InStreatham is funded by an annual levy of 1.5% of rateable value on all eligible businesses.

Everything that the BID company delivers will be new or additional work on top of the council's services it's required to deliver normally. The BID cannot be used to replace existing council, or other public sector, expenditure. This is carefully controlled through a legally-binding Baseline Services Agreement that sets out what the Councils deliver. This can only be changed in consultation with the Board.

Can I opt out? Expand

No. Because the ballot was successful the levy becomes a statutory requirement with the force of law, However, if the rateable value on your business premises is £20,000, you will pay £300p/a. The levy is discounted for charities at the same rates as business rates. The BID levy will be collected through the current Business Rates system but will be the subject of a separate bill. The levy will be amended on an annual basis in line with inflation, at a rate to be agreed by the inStreatham board.

What benefits can I expect? Expand

Most businesses recognise that there are a number of factors affecting their businesses over which they would normally have no control. These could include customer perceptions of the town, parking policy, street management, vacant units and a lack of promotional opportunities to name a few. BIDs provide that control and provides a financial mechanism to enable the business community to act effectively.

How can I be represented? Expand

All levy-paying businesses in the BID area are invited to join as members. The BID board will recruit and manage the executive team to deliver on the goals identified in this plan.

I am not in the BID area but would like to be involved and join? Expand

Voluntary membership of inStreatham BID Limited is open to all businesses outside of the core BID area. Businesses or organisations wishing to become members of BID Limited voluntarily are invited to make an application for membership by contacting the office at info@instreatham.com. Your annual fee will be calculated based on your rateable value and you will be able to benefit from any applicable services.

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We would love to keep you up-to-date with what's happening, special offers and important updates for the local area of Streatham.

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Company number: 08482462

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News and Updates

  • A look back at Streatham before the BID…
  • InStreatham AGM 2021-2022
  • Lights on Streatham event
  • Streatham Voids Art Trail mentioned on BBC Radio London
  • Christmas in Streatham 2022

Contact Details

Hideaway Workspace
1 Empire Mews
Streatham SW16 2BF

020 8835 7067

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@instreatham
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