The government announced in the 2015 Summer Budget its new initiative to help fund 3 million new apprenticeships by 2020.
The Source Academy can help you, the employer understand and utilise the apprenticeship levy funding to its full potential. Since April 2017, the apprenticeship levy aims to get businesses to invest in apprenticeships.
The Apprenticeship Levy requires; “All employers operating in the UK, with a pay bill over £3 million each year, to make an investment in apprenticeships”
Employers pay 0.5% of their wage bill to the apprenticeship levy through their PAYE.
It will be applicable to any UK business, in any sector, which has a payroll bill of over £3 million per tax year. It will be deducted monthly and will be taken in any month where your pay bill is above £250,000 and if at the end of the year, your pay bill is less than £3 million, any deductions will be reimbursed.
We’ve developed a Apprenticeship Levy calculator to help you see what contributions you may need to make.
We have created an employer’s guide to the Apprenticeship Levy to answer any questions you may have but if you’d like to find out more or discuss how the levy will work for you business, you can speak to one of our account managers. Please complete this form to request an appointment or a call back.