@John7470 No you do not. However if you register for business rates instead of council tax then, depending on the number of bed spaces in the property and where it is located you will probably qualify for business rates relief. The rules vary depending on location but in England you need to rent for about 65 (this may be wrong) days a year and available for about 130. In Wales you need to rent for a lot more (210 springs to mind) so its not as easy to qualify.
I don't think you get to choose between council tax and business rates - If you are running a business you need to register for business rates.