View our full Glossary of accounting & payroll terms Visit full glossary Glossary definition What is a lease? A lease is a contract governing the use of an asset via a rental agreement. Typically, property and equipment is leased. Subscribe to the Sage Advice enewsletter Get a roundup of our best business advice in your inbox every month. Subscribe See this term in action Write a small business plan that works 22 February, 2021 Self Assessment: How to submit your 2019/20 tax return late without penalty 18 February, 2021 How to prepare your expense management for 2021 11 February, 2021 Subscribe to the Sage Advice enewsletter Get a roundup of our best business advice in your inbox every month. Subscribe Related topics Business finances Search for another term Search for: Learn more about this definition and others Featured reading VAT domestic reverse charge for construction: 23 things you need to know #Bossit2021 on TikTok? You got this Customs and VAT after Brexit: What happens for UK businesses? Popular termsWhat is a mid-market enterprise?What are drawings?What is a limited company?What are tax codes?