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Use it before you lose it!
With the two year deadline approaching for the Apprenticeship Levy, it is time for your business to use it before it is too late. Just 8% of levy funds were spent in the first 10 months of the initiative.
First announced in August 2016, the levy was introduced to encourage employers, both in the public and private sector, to invest in apprenticeship training programmes to upskill their new and current staff. As a levy payer, businesses also receive a top up of 10% from the Government.
Guidance has been published by the Government to provide information on how the apprenticeship levy will work. It also explains the principles of apprenticeship funding and the operation of the levy. To read more, click here to go to the Government's Levy webpages.
The Apprenticeship Levy, which came into effect in April 2017, can be used by businesses to invest in training staff of any age, from new starters to established senior leaders.
However time is running out for businesses to receive this bonus from the Government. Levy funds expire 24 months after they have been accrued if businesses fail to spend them on apprenticeship training – so now is the time to use it before you lose it.
Calculated at a rate of 0.5% of an employer’s pay bill, the Levy is collected through the PAYE system. With a £15,000 allowance for employers, the levy will only paid by employers’ with pay bills over £3 million.
Aspiral Learning, the employer-focused and national provider arm of BCoT, specialise in providing training services for business, from apprenticeships to bespoke training solutions and from short courses to professionally recognised qualifications.
Having been delivering apprenticeships for over 20 years and with a wide range of apprenticeships and expertise available, we can support your business to use the levy to its full potential before it is too late.
For more information about the Apprenticeship Levy and how we can support you, please contact firstname.lastname@example.org or call 01256 306237.