Are you ready?
In spring 2017, the way the government funds apprenticeships in England is changing. Some employers will be required to contribute to a new Apprenticeship Levy, and there will be changes to the funding for apprenticeship training for all employers.
- If your payroll bill is in excess of £3m, you will have to pay the Apprenticeship Levy
- The levy comes into effect in April 2017
- The levy rate is 0.5% (gross) of your total annual pay bill and paid through PAYE
- You will pay regardless of whether you train apprentices or not
- The levy is set to raise £3bn annually for apprenticeship funding
- Each employer will receive one annual allowance of £15,000 to offset against their levy payment.
- Any money reclaimed will be in the form of an e-voucher which you’ll be able to buy Apprenticeship training from approved providers
For more information, go to the Government website - click here!
The Business Development Team at Burton and South Derbyshire College receives the latest Government updates and is ideally placed to advise you on how the levy will affect apprenticeship training for your organisation. To find out how the Apprenticeship Levy will affect you, contact the Business Development Team on 01283 494510.