Apprenticeship Levy Explained
Everything you need to know about how employees can maximise the apprenticeship levy to benefit their staff and wider organisation.
What is the Apprenticeship Levy?
The Apprenticeship Levy is a UK tax on employers which can be used to fund apprenticeship training. This presents great opportunities for employers to grow and develop their workforce.
All employers with a payroll of more than £3million per annum are required to pay an Apprenticeship Levy of 0.5% of their company payroll in order to fund apprenticeship training. Employers have an allowance of £15,000 per year to offset against their levy payment.
This levy payment is placed in a designated account (Direct Apprenticeship Service) which can then be accessed by that employer to fund apprenticeships.
Benefits of the Apprenticeship Levy for Employers
The Apprenticeship Levy allows organisations to take on an apprentice or provide existing staff with the opportunity to develop new skills and gain new qualifications to carefully meet the demands of your business.
Apprenticeships are a cost-effective way to fill a skills gap within your team and organisation and build an accomplished and qualified workforce.