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PARLIAMENTARY WRITTEN QUESTION
(6 December 2024)

Question Asked

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of introducing regulations to enhance financial transparency within the hairdressing industry.

Asked by:
Dr Simon Opher (Labour)

Answer

Financial transparency is key to ensuring cash-based businesses meet their legal obligations, such as registering with HMRC and paying taxes promptly.

However, these benefits must be balanced against the burdens on business created by new regulation.

While cash-based businesses such as hairdressers are not regulated for money laundering purposes, they will regularly interact with regulated financial businesses, such as banks. These regulated entities are required to report any suspicious financial activity by their customers.


Answered by:
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1 January 1970            

        

            
                            
                            
                        

                    


                                    

                    

                        

                    

                

            
                    

                                    

                

                    
Contains Parliamentary information licensed under the Open Parliament Licence v3.0.