I run a fully taxable business we charge VAT on all our sales and recover VAT on all our costs. We’ve recently bought some commercial property near our offices as an investment (we didn’t pay VAT on this) which we intend to rent out to a third party at least in the short term. I’ve come across the option to tax in the past but I know from experience that VAT on property can be a minefield. What are the implications of opting to tax and should I be considering this?
