Sole trader purchased van in 2009 on hire purchases and reclaims the vat as you do.
In 2010 sole trader transfered their business to a limited company, transfered all assets liabilites etc. The van also continued to be used in the limited company.
Problem is the hire purchase agreement is still in the name of the sole trader as is the hp agreement. Therefore i presume the van or the hp liability will not be able to be shown on the company accounts.
The person is now thinking of selling the van.
Is there any way the van/hp can be shown as company asset/liability.
In 2010 sole trader transfered their business to a limited company, transfered all assets liabilites etc. The van also continued to be used in the limited company.
Problem is the hire purchase agreement is still in the name of the sole trader as is the hp agreement. Therefore i presume the van or the hp liability will not be able to be shown on the company accounts.
The person is now thinking of selling the van.
Is there any way the van/hp can be shown as company asset/liability.