What is the Apprenticeship Levy?
From April 2017, a new apprenticeship levy of 0.5% on company payrolls – currently in excess of £3 million per annum – is expected to raise £3 billion a year to fund three million apprenticeships.
By introducing the levy, the Government has passed the responsibility for the funding of UK apprenticeships to businesses.
The levy allowance will operate on a monthly basis and will accumulate throughout the year. This means businesses will have a monthly allowance – available to spend on the training and development of staff – with any unused allowance carrying over from one month to the next.
Though many businesses might see the levy as a tax, it is in fact a great opportunity to invest in an organisation’s future and allow you to take on – and develop – your employees of the future.
You can also put the levy to use by training your current workforce too.
We are well-placed to offer your business sound advice to create development plan around the levy.