Q. Why do I need an EPC or Fire Risk assessment?
A. Certified Fire Risk Assessments were introduced under the Regulatory Reform Order 2005 and fire and Rescue Services (NI) Order 2006 and various Commencement Orders. The Fire Authority will now undertake an inspectors role and fire certificates are no longer sufficient to cover the statutory legislation.
Under The Energy Performance of Buildings (Certificates and Inspections) Regulations (Northern Ireland) 2008, you are legally required to Provide an Energy Performance Certificate (EPC) to a prospective buyer or tenant before a new tenancy arrangement has been agreed.
Failure to comply with legislation could mean up to a £5000 fine
Q. Why should I rent a Property?
A. Renting is an option that most business uptake duely in reason that the business can rent at a cheaper price than it can buy however this is entirely dependant on factors such as interest rates.
Many businesses also rent because they do not have the assets to facilitate borrowing at such high levels, and in many cases businesses many need to upsize, downsize and move with limited effect and costs.
Q. Do I have to pay rates?
A. Rates are is a government tax that is applicable to all types of property and businesses. Rates are charged on the net annual value (annual rent) and multiplied by the district rate.
Exemptions are still put in place for places of worship, charities, places for further education, and there is still part exemptions for manufacturing businesses. All business are charged rates and are payable accordingly.
Q. How do I register my business?
A. For sole traders and partnerships there is no formal registration. Though the business must register with the Inland Revenue within the first three months of trading.
For limited companies the easiest way is to contact company formation agents. There are Company Shop and Holdfast located in Belfast, and a business in Newry also undertakes the work. They can advise you on your chosen name and the objects clause of the memorandum of association document. The cost is approx £160.