What does it mean for your business?
The Apprenticeship Levy affects all businesses with an annual payroll in excess of £3m, requiring them to pay a percentage fee of their PAYE wage bill.
- If your payroll bill is in excess of £3m, you have to pay the Apprenticeship Levy
- 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
- Each employer receives one annual allowance of £15,000 to offset against their levy payment.
- Organisations that don’t pay the levy can still access apprenticeship training and could be eligible for between 90-100% of the training costs, depending on the size of the business and age or circumstances of the apprentice.
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 affects you, contact the Business Development Team on 01283 494510.