Frequently Asked Questions
Created by local businesses for local businesses
FAQ
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. Read more here
InStreatham BID is funded by an annual levy of 1.5% of rateable value on all eligible businesses.
Businesses occupying a property with a rateable value of £9,000 or more in the BIDs defined operating area pay 1.5% into the BID through an annual levy collected by Lambeth Council with a maximum cap of £15,000 per single hereditament. If the rateable value of your premises is £20,000, you will pay £300 p/a. An annual inflationary increase will be applied of no more than the CPI (Consumer Price Index) and at the discretion of the BID Board.
These funds are spent on delivering improvements to Streatham in line with the BID’s business plan.
Everything that InStreatham BID delivers is 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.
No, because all rateable values are different. Each business contributes a levy equal to 1.5% of their premises' rateable value, so if the rateable value of your premises is £20,000, you will pay £300 p/a.
No, when the ballot is successful, the levy becomes a statutory requirement with the force of law.
Every five years businesses in the BID area vote for the continuation of the BID and if they vote yes, any occupiers within the BID area become members for the duration of the next 5-year term.
The BID levy is 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.
The levy is discounted for charities at the same rates as business rates.
We provide members with access to valuable information, resources, and support services - this may include market research, training programs, access to grant or loan opportunities.
The team also provide business support initiatives that help businesses on a number of factors affecting their day to day trading (free business recycling, alcohol and pavement licensing, local authority and landlord disputes etc) whilst also celebrating businesses through the Streatham Business Awards.
Events, campaigns and environmental improvements that brings in more customers
InStreatham BIDs income has funded street enhancements that improve the look and feel of our high street such as jet wash cleaning, chewing gum removal; greening; security, public toilets, hanging baskets, banners, shopfront and public realm improvements. The BID also funds marketing and annual events to boost footfall such as the Streatham Food Festival and Christmas trees and lights.
Giving businesses a greater opportunity to shape their operating environment according to their needs.
The BID serves as a collective voice for businesses in the BID area, representing their interests to local government authorities and advocating for policies that benefit the business community. Through lobbying, we can help influence decision-making processes and address specific concerns or challenges faced by our businesses, allowing our members to have a say in shaping policies, regulations, and infrastructure developments that impact Streatham.
By investing in the improvement of the business environment, InStreatham BID contributes to the overall economic development of the area. This includes attracting new businesses, stimulating job creation, and fostering a thriving commercial ecosystem.
Read more about Member Services here
Streatham BID is governed by a Board of voluntary directors representing levy-paying businesses or organisations within the BID boundary. The Board is responsible for the strategic and financial management of the BID.
All levy-paying businesses in the BID area are welcome to join as board members.
The BID employs a team who are responsible for the day-to-day management of the BID and delivery of projects, services and events identified in the business plan.
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.
The InStreatham BID area covers the High Road from Telford Avenue to Streatham Common South.
