Hire Purchase Lease
We are in the process of finalising a HP agreement with a leasing company.
We have already recognised the asset and the invoice has been paid to the supplier.
we will be selling the assets to the leasing company and leasing it back.
What is the accounting treatment for this transaction.
So we have DR Asset CR Bank
As we are raising a sales invoice to the leasing company, we want to be cautious as we do not want this sale of asset to increase our turnover.
So how do we go about this.
Assets will continue to sit on our balance sheet but somehow we need to recognise a Lease Creditor on our Balance Sheet.
Can you please explain the accounting treatment for this.
- Sole-trader renting commmercial property from himself & spouse. 244 5
- Child tax credits 180 4
- transitioning payroll 83 2
- Deduction from Salary 91 4
- Car leasing scheme 206 1
- One off meeting new client 1,319 12
- 12 Pay Problems 141 2
- PITA client 528 8
- DEATH OF A SHAREHOLDER NO SHAREHOLDER AGREEMENT 444 11
- Entrepreneurs relief available? 587 15
- Right to waive dividend 108 2
- Employed (by own company) and Self Employed - Tax Efficiency 106 1
- Do I need to report this to SOCA 3,431 34
- first year company tax return for a limited company 1,737 29
- PPR CGT section 222 builds an extension 135 2
- Leaving Flat Rate Scheme for VAT 347 9
- R&D tax credit claim 297 7
- Legal Advice Needed Bank Account Blocked 670 10
- Have I dropped a major clanger? 1,275 20
- Deaf clients 652 6
- Property exchange - 8-year legal delay following fall-out 615
- Cancelled 358
- SAGE Payroll Data for Import to MS Dynamics AX 339
- Cancelled 297
- Have you staged yet for auto enrolment? 271
- Probiz 261
- VAT on non-profit making clubs (ECJ VS West Dorset Golf Club) 225
- Free-standing washing machine - unfurnished lettings 207
- Phishing emails purporting to be from CIPFA? 196
- Is this UK incapacity benefit taxable in UK or Jersey? 162