WHAT IS LEVY APPRENTICESHIP?
In April 2017, the government introduced the apprenticeship levy, a UK tax on employers which can be used to fund apprenticeship training. It is payable by all employers with an annual pay bill of more than £3 million at a rate of 0.5% of their total pay bill. The apprenticeship levy requires all employers operating in the UK, with a pay bill over £3M each year, to invest in apprenticeships.
Employers can benefit from this investment by training apprentices.
The guidance provides information on how the apprenticeship levy will work, and how it worked since it was introduced on 6 April 2017. It also explains the principles that apprenticeship funding and the levy has operated since April 2017, whether employers pay the levy, or not.
Which are the benefits for my company?
Employers can benefit from this investment by training apprentices. Employers in the UK with wage bills under £3 million will not be subject to the Apprenticeship Levy.
There is now a new co-investment Apprenticeship scheme that has been introduced for SME’s (Small to Medium Enterprise). This means that smaller organizations will now make a 5% contribution to the cost of Apprenticeship training and assessment.
If you pay the Apprenticeship Levy, you need to be aware that funds expire 24 months after they enter your Digital Apprenticeship Service online account.
Are there other financial incentives for Employers?
YES! There are other incentives available to
make employing an Apprentice more attractive for your company. That’s a summary
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