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Ceasing Self Employment...

Hi All

I have a client that has ceased self employment. He has leased the business/freehold property to another party for 15 years at a rent of £150 per week. Also he has received £5k for fixtures and fittings.

I am ok with doing final accounts and tax return and I assume he will have to do a property section aswell. But, the £5k is that just profit on disposal or is there any other treatment.

Thanks
a_m

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Question

Just to be clear, has he transfered the lease or will he continue with the lease but just sub-let?

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granted a new lease

Hi thanks for your comment - the client who ceased trading on 30 Jan 2012 has granted a 15 year lease and has charged £5,000 for the fixtures and fittings.

The client owns the property outright.

Thanks

a_m

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