All businesses in the defined Business Improvement District area with a rateable value on their non-residential premises of £15,000 or above will contribute an annual levy which is calculated at 1.25% of their Rateable value using the information available on 1st September 2022.
Registered Charities (except for charity shops) will receive 80% relief on Levy payments and businesses which are within the Mall Shopping Centre, Wood Green who do not have direct access onto Wood Green High Road will receive a 50% discount on the levy payments.
Over the next five years, Wood Green BID will secure at least £1.6millin of investment into the local area through the levy. It will act as a catalyst for further investment by leveraging extra funding through partnerships and grants, furthering the impact of the Levy.
Levy Q & A
HOW IS THE LEVY COLLECTED?
The BID Levy is collected on an annual basis. Local Authorities collect the levy on the BID’s behalf on a separate bill which is usually sent out around the same time as the rates bill.
I VOTED NO OR DIDN’T VOTE IN THE BALLOT, DO I STILL HAVE TO PAY THE LEVY?
If you voted no or didn’t use your vote but the BID successfully received a YES mandate, then yes, all eligible businesses will be required to pay the levy.
WHAT HAPPENS IF I REFUSE TO PAY THE LEVY?
If you decide to not pay the levy due, the Council can take further action to collect any payments due including court action which could include additional costs being added to the amount due. The BID recommends that you either complete the form below to apply for a payment plan or discuss with the council a solution before it goes to this stage.
WHO DO WE NEED TO CONTACT IF I HAVE QUERIES OR QUESTIONS ABOUT MY LEVY BILL?
BID Levy Bills are issued directly by a local authority rates department – not the BID. If you have questions about payment, or technical questions about the levy, then you can contact the business rates team at Haringey Council, who are collecting the levy on the BID’s behalf, directly on 020 8489 1700 or by emailing business.rates@haringey.gov.uk
WHO DO I NEED TO TALK TO ABOUT THE VALUATION OF MY BUSINESS PREMISES?
If you need to discuss the valuation of the premises you operate from which can include having it re-valued or changed because you for example have added a new store room or office etc or have any other questions about the rates on your property, we would advise visiting the governments website for further information here https://www.gov.uk/introduction-to-business-rates
WE ONLY JUST MOVED INTO A PREMISES, DO WE STILL HAVE TO PAY THE LEVY?
In short, yes the levy is due on commercial properties which can either be paid by you, the landlord or Freeholder. If you have recently taken over the property, please contact the rates team (details above) as soon as possible so they can update their records.