BID LEVVY - Flipbook - Page 12
WHAT
IS A
BID?
BIDs are an arrangement whereby businesses come together and decide which improvements they feel
could be made in their area, how they will implement these improvements, and that will cost them. All
this goes into a Business Plan, which is voted on by all those who would pay in an independent ballot. If
the majority vote yes by number and rateable value, then a BID comes into being. All those within the BID
area would then pay a small levy, irrespective of how they voted, for the business plan to be implemented.
BIDs cannot be imposed by Councils or organisers and only come into being if eligible businesses vote
yes in the ballot. BIDs are 昀椀nanced and controlled by the businesses within the selected area. BIDs deliver
additional projects and services over and above those already provided by public bodies.
YORKSHIRE COAST BID HAS BEEN RUNNING FOR THE LAST 5 YEARS, WHY CAN’T IT JUST CONTINUE?
BIDs last for a maximum of 5 years in all cases, and once that term is over, the BID is legally required to
undertake another ballot to continue in its present form or with new arrangements. As a result of the
consultation, the Yorkshire Coast will have new arrangements, concentrating on the tourism sector this
time.
IS THIS JUST ANOTHER TAX AND WILL IT SUBSTITUTE THOSE SERVICES THAT THE COUNCIL(S) ARE
RESPONSIBLE FOR PROVIDING?
A BID cannot replace or substitute local authority statutory services i.e. those covered by your business
rates.
HOW MUCH WILL I PAY?
The BID Levy, collected on our behalf by the relevant Councils and transferred to the BID Company will be
used to implement the projects laid out in this plan. Eligible businesses will pay 2% of their rateable value
of their premises. This will be collected annually. Those below £12,001 in rateable value will be formally
exempt as will those that fall out of the VOA categories identi昀椀ed in this plan.
I AM NOT AN ELIGIBLE BUSINESS – CAN I STILL TAKE PART?
Yes, businesses that are formally exempt from paying the BID Levy can contribute voluntarily and have
rights to projects and governance.
WHEN WILL PROJECTS BEGIN TO BE DELIVERED FOR THE NEW TERM?
If the ballot is successful, the new term will then start from 01 August 2024.
12