What is a BID?
A Business Improvement District (BID), is a not-for-profit organisation where businesses come together to improve the trading environment of a defined area for mutual commercial success.
Funded by businesses, for the benefit of those businesses, a BID enables a coordinated investment into the area and delivers projects and services which are in addition to those already provided by the Council.
BIDs are formed when businesses in the BID area vote on a business plan which is tailored to respond to the needs of the businesses following consultation. A formal ballot is open for 28 days and every business is given the opportunity to vote via ballot paper.
Following a successful ballot, a BID is created for a maximum 5-year term to deliver the projects and initiatives as set out in the Business Plan. During the term, all businesses defined within the business plan will be required to pay the mandatory BID levy, irrespective of whether they cast a vote in the ballot or how they voted.
BIDs were first established in Canada and the US, and now exist across the world. There are over 300 BIDs now operating in the UK, including successful local BIDs in Kingston-upon-Thames, Guildford, Wimbledon and Camberley
For a BID ballot to be successful it must be won on two counts:
A straight majority by the number of those voting
A majority in the Rateable Value of those voting
About The BID
In 2020, businesses of Walton town centre were presented with a Business Plan that had been created following a long period of consultation. Businesses voted in favour to see this plan realised and as such, Walton BID was set up in March 2021.
Business premises with a rateable value of £5,000 or above pay 1.5% of their rateable value into Walton BID through an annual levy, with funds amounting to just over £175,000 per year. These funds are allocated to projects and services which support the businesses collectively within the defined boundary.
The BID is governed by a voluntary Board of Directors, representative of the different business sectors in Walton-on-Thames.
Walton BID Area
Businesses in the BID area
Invested over the BID Lifetime
New Zealand Avenue
Business premises with a rateable value of £5,000 or above and who are located on the streets listed are included in the BID and therefore are required to pay the BID levy. All businesses in the area (subject to the BID levy rules) have to pay the levy for the period the BID is in existence which is payable in addition to the business rates bill.
The BID levy is charged at 1.5% of rateable value of each hereditament. Small businesses with a rateable value below the £5,000 threshold are exempt from paying the BID levy, but can voluntarily pay into the BID. There is an upper cap, so that no one organisation will pay more than £20,000 levy per annum in total, irrespective of the number of units.