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  • Scootering

    The accountant’s view

    Jan 26, 2021 5 minutes

    Currently a financial consultant and a specialist in arranging finance, Victor Flynn worked as a chartered accountant in financial services in both the UK and overseas for more than 30 years. We asked him to answer some of the most common questions in our postbag.

    Q. We were promised tariff-free trade, why are we getting bills for customs clearance?

    “There may be some confusion here between ‘tariff free’ and ‘tax free’. Both involve paying money to the Government, but there are differences.

    “Tariffs are added to the cost of goods and services by the Government for a number of reasons. This could be for health reasons (alcohol or tobacco), environmental concerns (petrol and certain chemicals) or to discourage imports (to protect domestic industries from unfair overseas competition).

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