From 1st May, the funding for apprenticeships will change, if you have a wage bill in excess of £3 million per year, then you would be a levy payer. 0.5% of your wage bill every month is automatically deducted through PAYE. The monies deducted can be used to purchase apprenticeship training. The government will top up your account with 10% of your levy amount. You will be able to see the levy funds in your digital account, and if the funds are not used they will expire after 24 months. We can help with calculating if you are a levy payer using our specialist tools.
If you have a wage bill below £3 million per year then you are a non-levy payer then the government will pay 90% of the course costs, and the employer has to pay the 10% ( this means it will cost you £250-£300 per staff member). We can spread the cost of this out over the lifetime of the qualification.
We can offer you a free consulation and help you work out the best use for your Levy pot, or explain the changes if you a non-levy payer. Call us on: 01553 777152