Asked by: Simon Opher (Labour - Stroud)
Question to the HM Treasury:
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.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
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.
Asked by: Simon Opher (Labour - Stroud)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the effectiveness of the Cycle to Work Scheme in improving cycle ownership among people on low incomes.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Cycle to Work scheme is a benefit-in-kind provided by employers to their employees. A benefit-in-kind is a form of non-cash remuneration provided by employers to their employees. Income tax and National Insurance contribution relief is provided on the scheme to both employers and their employees via salary sacrifice arrangements.
Employees earning at or near the National Minimum Wage (NMW) cannot access salary sacrifice if the arrangement will take their contractual salary below the relevant NMW rate. The Government is not currently considering changing the NMW legislation to apply to an employee’s salary after deductions have been made for salary sacrifice.
HMRC has commissioned an evaluation of the effectiveness of the Cycle to Work scheme and will publish its findings in due course.