Are you ready for the Apprenticeship Levy?
What is it?
The Apprenticeship Levy affects employers in all sectors. It was introduced in April 2017, and is paid by employers with annual paybills in excess of £3 million.
The levy is charged at a rate of 0.5% of an employer’s paybill. Each employer receives an allowance of £15,000 to offset against their levy payment.
To access your levy pot you will need to sign up for a digital apprenticeship account. Once added, you can pay your training provider via the account for any apprenticeship training.
If your paybill is under £3 million then you do not pay the Apprenticeship Levy.
You will instead need to contribute 5% towards the cost of the required training, the other 95% will be paid by the Government.
To find out more give our consultants Elaine or Dan a call on 0191 2773506, or email firstname.lastname@example.org to arrange a free consultation session either over the phone or face to face.
You can also get more information from the gov.uk site here