Reviewing VAT on commercial property

KEY POINTS

• Option to tax regulations were introduced in August 1989.
• Important to retain a copy of an election submitted to HMRC.
• The option relates to the existing owner’s interest in the property.
• An option to tax election remains in place for 20 years.

I have been inspired by the writing and ideas of the late American business guru Stephen R Covey. One concept that he promoted with great conviction was a time management quadrant which had columns and rows for ‘urgent’ tasks and ‘important’ tasks. He concluded that most of our energy should be focused on those activities that are ‘important’ but not ‘urgent’.

In other words we can concentrate on these tasks with proper thought and focus because there is not an urgent deadline lurking that could reduce the quality of the output....