No You are taking up my time - but the time spent could be fruitful. You are wasting my time - the time spent is not fruitful, at least not for me Work takes up a lot of my time! I take my time = I do things at my pace, not in a hurry.
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New2grammarThanks, Optilang. What about "you taking my time", without up?You are taking my time - is OK, but I prefer to use up.