Business Improvement District
A Business Improvement District (BID) is a business-led and business funded body formed to improve a local area. BIDs have now been operating across the UK for over a decade with well over 300 BIDs established in the UK. A levy is charged each year to all eligible businesses within an agreed area in addition to the Business Rates bill.
All eligible businesses within a proposed BID area are initially consulted and this forms a business plan which is then voted on. For the BID to go ahead, two conditions must be met; firstly, a majority of those voting have to vote ‘yes’ and secondly those ‘yes’ votes have to represent more than 50% of the total rateable value of all votes cast. There is no minimum turnout threshold. If these conditions are fulfilled, payment of the levy becomes mandatory for all eligible businesses regardless of how they voted. So, a BID will only be established if the majority of businesses entitled to vote, by number and rateable value, want it. Once a BID has been agreed, any new occupier of a business will take on the liability from the following BID calendar year when the next BID levy is invoiced.
The Minehead BID was formed in July 2018 for its first 5-year term. Individual BID levy amounts are calculated and invoiced at 1.5% of the Rateable Value for each property whose rateable value is over £3,000 per annum, as shown in the 2017 Local Rating List on 1 July.
The Business Rates team at Somerset West and Taunton Council are responsible for the issuing of BID bills and the collection of monies due from businesses in respect of the BID. These funds are placed in a ring-fenced account, and paid to the BID company.
The Minehead BID Company and its elected board of directors are legally and financially responsible for the management of projects defined by the BID and the monies collected.
For more information, please see the Minehead BID website or contact the Minehead BID Company:
PO Box 108
For other enquires about your bill, contact us using our general enquiries online form.