A A BID enables both businesses and property owners in a defined area to form a partnership by making a collective contribution to its development. A range of additional services can then be funded in order to benefit all users of that particular area.
Q Who will benefit from HammersmithLondon?
A All businesses, visitors and residents within the BID area will benefit from the additional initiatives that HammersmithLondon is introducing. The BID will enable businesses to have a say in how the area should be managed and how their money should be spent. The additional services will encourage greater usage of the town centre and should promote growth and sustainability.
Q How was the BID decided?
A On the 29th March 2006 local businesses in central Hammersmith voted in favour of establishing a Business Improvement District. By voting YES businesses have secured approximately £3 million to be spent exclusively in the BID area, over the BID’s 5 year life span. With a turnout of 48.7%, 56.6 % of the votes cast were in favour of a BID by number and 69.7% by rateable value.
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Q Does the BID replace existing council services?
A Definitely not. One of the central principals of Business Improvement Districts is that the projects are all additional to the existing services provided by the local authority and other public bodies. HammersmithLondon will ensure that the BID initiatives, designed to improve and develop the local area, will complement and enhance those services already in place.
Q How will we know if the BID is working?
A HammersmithLondon will undertake a number of activities to demonstrate the affect the BID is having on delivering improvements to the local business environment. These will include footfall counts, business satisfaction surveys, customer perception surveys, crime statistics, and environmental audits.
Q How much is the levy?
A The levy is a charge which is agreed by BID businesses and collected by London Borough of Hammersmith and Fulham on behalf of the BID. A BID levy can vary from 1% to 5% of rateable value. Our BID levy is set at 1%.
Q When do I have to start paying the levy?
A The 1% levy will be due each year for a period of 5 years from 1st April 2006.
All eligible businesses are legally required to pay this charge, and non payment will be pursued by the Council though all available means.
Q What is the difference between business rates and the 1% levy?
A The local authority does not dictate where business rates are spent, as they are transferred directly to Central Government. Central Government then distributes the total amount of business rates collected to all local authorities around the country according to need.
The benefit of the 1% BID levy is that the money raised will be spent exclusively in the central Hammersmith BID area. Businesses also have full control over how this money is spent.
Q What happens if I move into or leave the BID area?
A If you move into a business premises within the BID area which is liable for levy payment, you will be required to pay the BID levy pro-rata from the time which your business appears on the rating list. If your business relocates out of the BID area you may ask the London Borough of Hammersmith and Fulham for a refund on your BID levy.
Q How do I get more involved?
A HammersmithLondon is run by business for business, so we welcome any ideas, comments or suggestions you may have. If you would like to arrange a meeting with a member of the HammersmithLondon executive team to discuss the BID further, please contact us.
Please also join our mailing listto receive our newsletter keeping you up to date with the BID. We will not pass your details onto any other organisation.
Q Can I sit on the BID board?
A If you are interested in joining the Board or in sitting on one of our four sub-groups, please contact us.
