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How are we funded?

Our work is funded through a 1% levy against premises who have a rateable value of £40,000 or more, located within the Croydon BID Area. This allows us the opportunity to represent our 550 levy payers in adding value and making a difference.
  • The BID levy is a mandatory charge, enforceable in the same way as non-domestic rates, following a successful ballot
  • The BID levy is the principal source of income for Croydon BID
  • The term of the BID is currently 1st April 2017 to 31st March 2022
  • The levy will be set at 1% of the relevant rateable value of each hereditament* within the BID area valued at £40,000 or more
  • There are no exemptions or discounts to the levy for charitable status, mandatory rate relief or businesses paying other service charges
  • Currently the number of businesses within the Croydon BID area is 550, who pay the annual levy
  • All premises with a rateable value of less than £40,000 within the BID area will be exempt from paying the levy and therefore will not be eligible to vote in the ballot.
  • Croydon BID operates a five year term as per legislation and will seek renewal of a further term of five years in October 2022

The levy will be due on 1st April each year and will be payable in full in one single instalment.

There will be no refund if the BID levy payer vacates the premises during the year, therefore steps should be taken where appropriate to apportion liability with incoming tenants, landlords or freeholders. 

Where new properties come into the ratings list, or mergers or splits occur, the hereditament or premises, will be charged as per the current ratings list at that time.

Where a property is empty, the levy liability will transfer to the eligible ratepayer which may be the property owner.

Before the end of the five year term Croydon BID Board may seek renewal of the BID for a further five year term, through a renewal ballot.

Working Out Your Bid Levy

To calculate the amount of levy payable, simply multiply by 0.01, the rateable value of the business unit based on its rateable value as at 1st April each year. For example:

Typical rateable value Annual BID levy
£40,000 £400
£50,000 £500
£100,000 £1,000
£500,000 £5,000
£1,000,000 £10,000

 

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