The Apprenticeship Levy is a new Government initiative which will help fund apprenticeships across the UK.
In the 2015 Summer Budget, the government announced its new initiative to help fund 3 million new apprenticeships by 2020. Since April 2017, the Apprenticeship Levy has been implemented to do just that.
The Source can help you understand and utilise Apprenticeship Levy funding to its full potential for your business’s training needs.
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 who fall into this category 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.
If you do not have a wage bill of £3 million or over, you will be able to access funding to support with your training based on the size of your company.
More information about funding can be found in our Employer Guide which is accessible here.
We have developed an Apprenticeship Levy calculator to help you see what contributions you may need to make.
If you’d like to find out more or discuss how the levy will work for your business, you can speak to one of our Business Development Officers.
Please call 0114 263 5650 or complete this form to request an appointment.