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What is The Apprenticeship Levy?
If your business pays over £3 million on payroll, you will have been paying a 0.5% levy. For you, the levy pot will cover the entire cost of any staff training.
If your payroll is less than £3 million, you will still be able to access the levy training scheme through an “incentive”. The levy would pay for 95% of training costs, but you (as a business) would cover the other 5%
Changes Effective from April 2024
from April 1, 2024, employers who are not required to pay the apprenticeship levy will no longer need to co-invest in the training costs for new apprentices aged 16 to 21.
from April, employers will also be able to transfer 50% of their apprenticeship levy funds to other businesses. This means that employers will have the flexibility to allocate a larger portion of their levy funds to support the training and development of apprentices in other organisations.
How can the Apprenticeship Levy support your Workforce?
The Apprenticeship Levy isn’t just a tax; it is an investment in your team’s skills and development. If you’re paying into the levy but haven’t explored how it could benefit your staff, give our team a call. The Apprenticeship Levy is eligible for both existing and new staff; if you would like any more information on the Levy or anything apprenticeships, please contact one of our Key Account Managers
Employer Incentives
Are you aware there are also some incentives to support employers?
Employers will get an extra £1,000 when they take on an apprentice:
- aged 16 to 18
- aged 19 to 24 who has either:
- previously been in care
- an education, health and care plan
This is to help with additional costs. The Government pay this to employers in 2 equal instalments: at 90 days and 365 days. The Government make the payments to employers via their training provider, who will pass the money on. These payments are not deducted from an employer’s apprenticeship service account.
Please call our our Key Account Managers on 0845 223 240 for more information