business rates

[cleo1]

we are thinking of buying a building for our business if we purchase the building do we still have to pay business rates yearly as well.
Is there any major advantage of owning the building or just keep renting as we are doing, another morgage sounds scary but i like the idea of owning the property but will be a struggle, you cant possible lose money in the long run can you??

[Quoi]

Yes you will still need to pay business rates. Talk to your financial advisor before you buy - most business owners I know buy the building personally and rent it back to the business - you keep the building & the mortgage is paid by a rock solid tenant.

[cleo1]

im only a sole trader is that possible?

[Oneeyedvic]

No it is not possible - you really do need to speak to an accountant - there are a lot of implications for you buying another property (capital gains etc).

Most accountants should give you at least an hours consultation free - find one you like. Although they obviously charge you after that, a good accountant will save you more than you pay them.