As many of you may be aware, there have been some changes with regards to apprenticeship funding alongside the implementation of the Apprenticeship Levy.
Apprenticeship Levy Paying Employers – If you’re an employer with a pay bill over £3 million each year, you must pay the apprenticeship levy from 6 April 2017. You can read guidance on how to pay the apprenticeship levy here.
You will report and pay your levy to HMRC through the PAYE process.
The levy will not affect the way you fund training for apprentices who started an apprenticeship programme before 1 May 2017. You’ll need to carry on funding training for these apprentices under the terms and conditions that were in place at the time the apprenticeship started.
Non-Levy Apprenticeship Employers – a new co-investment rate has been introduced on the 1st April 2019. Co-investment is when employers and government share the cost of training and assessing apprentices.
The chart shows more information below.
If you have any questions regarding the funding or would like a free consultation with Profile in order to better understand your options going forward and what the cost implications may be, please contact us on 01843 609 300 or email email@example.com