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Post Info TOPIC: How to deal with vehicle contract hire
Nimac


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How to deal with vehicle contract hire
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Hi everyone.

I was hoping for a bit of help on how to deal with vehicle contract hire. We have taken on vehicles on a contract hire basis having previously did HP.

What posting are required on Sage for the monthly payments - will it be the same as HP? 

Are there any VAT issues to be aware of? The vehicles will be used solely for business purposes. 

Many thanks.

 

 



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jenand


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If they are on a lease, then I would post them to P & L. We have vehicles from Toyota, Audi, Ford and Nissan and they all either send an annual schedule that I process as an invoice or an actual monthly invoice.

I reclaim all the VAT on vans but only 50% on cars, as there is always some private use in our case, even if it is just coming to the office.

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Jenna
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