If your business is located in our area and the rateable value of your property is over £12,000 then you automatically become a WeAreWaterloo BID member and you will be liable to pay the levy.
DOES MY BUSINESS PAY THE WEAREWATERLOO BID LEVY?
If your business is located in our area and the rateable value of your property is over £12,000 then you automatically become a WeAreWaterloo BID member and you will be liable to pay the levy.
HOW MUCH IS THE BID LEVY?
The amount you’ll pay is based on the rateable value of your property. The levy is 1.36% of a business’ rateable value for properties over the threshold of £12,000.
DO CHARITIES RECEIVE A DISCOUNT?
Yes, charities receive a discount of 50% on their BID levy and this is applied automatically.
HOW DO I PAY THE BID LEVY?
The Council collects the levy on our behalf. The payment details are on the back of the billing letters. If you have any questions or want to check payment details, you can contact the relevant Council using the following contact details.
Lambeth – businessrates@lambeth.gov.uk
Southwark – BIDs@southwark.gov.uk
HOW DO I GET A COPY OF MY BID LEVY INVOICE?
There are different processes for requesting BID levy invoices depending on which Council you are located in.
Lambeth – paper invoices can be mailed out when a request is sent to businessrates@lambeth.gov.uk
Southwark – digital BID levy invoices can be accessed through the MySouthwark by registering at www.southwark.gov.uk/mysouthwark
WHAT IF I’M STRUGGLING TO PAY MY LEVY AMOUNT?
If you are struggling to pay the levy, we can offer payment terms to split your payments into monthly instalments between now and the end of the financial year. Contact your relevant Council to set up this arrangement and copy in info@wearewaterloo.co.uk
IS THE LEVY INCLUDED IN MY BUSINESS RATES OR COUNCIL TAX BILL?
The BID levy is a separate cost that isn’t included in business rates or council tax because the BID levy is used to provide extra services, on top of what the local council provides. The levy is used for services only in Waterloo, so your business and the local neighbourhood directly benefit from the investment.
CAN I OPT OUT OF THE BID?
No. The BID is legally binding on the non-domestic ratepayers in the Business Improvement District area. Every five years, BID Members have the opportunity to vote on whether they want WeAreWaterloo to continue. This ensures our programme of projects and services remains relevant to the local businesses. In February 2021, businesses in Waterloo overwhelmingly voted for another five year term, with 92% in favour.
HOW MUCH IS COLLECTED IN BID LEVIES?
This will change every year as new developments are occupied, you can see the latest details of our revenue and planned.
AREN’T THESE SERVICES ALREADY PROVIDED BY THE COUNCIL?
No. By law the services provided under the Business Improvement District must be additional services not already provided by us or enhancements to existing services.
IF I DON’T BENEFIT FROM BID SERVICES, WHY SHOULD I PAY?
The BID levy is a charge payable by law and not a payment for services received. We use the BID levy to invest in the area, creating a stronger business community. There are lots of ways you can benefit from our services both directly and indirectly so please get in touch with our team by emailing info@wearewaterloo.co.uk to find out more.
THE PROPERTY IS UNOCCUPIED DO I STILL NEED TO PAY?
Yes, unless the property has been taken out of ratings by the Valuation Office Agency you will be liable for the BID levy.
WHAT HAPPENS IF I PAID FOR THE YEAR THEN CEASE TO BE LIABLE?
If your lease on a property in Waterloo ends part way through the financial year then your levy bill will be pro-rated for the time you are liable for the levy. Please contact the Council using the contact details above to let them know you’ve ended your lease and they will issue a revised invoice.