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-Apprenticeship Levy Employers – a new co-investment rate has been introduced on the 1st May 2017. 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 firstname.lastname@example.org
“Not enough of our young people know about apprenticeships and what they offer” says the successful business man and the star of the hit TV series The Apprentice.
Businessman Lord Sugar has been appointed by the Government to be its new enterprise tsar – championing apprenticeships and business start-ups as part of the drive to encourage more young people to start their own businesses and to consider apprenticeships and to support the governments commitment in creating 3 million apprenticeships
“I’m delighted to be taking on this challenge. I built successful businesses with the support of hundreds of talented young people who learned their skills on the job – exactly the kinds of skills you learn in an apprenticeship. But not enough of our young people know about apprenticeships and what they offer, and too few feel empowered to set up their own business.” – Lord Sugar says.
The Apprentice boss will be travelling the length and breadth of the country in a series of road shows to tell young people why apprenticeships are a great way for them to build new skills.
Skills Minister Nick Boles said: “We want every young person in Britain to get on and build a great life for themselves, whether it’s by starting an apprenticeship or setting up their own business. Lord Sugar has huge credibility among young people and I am delighted that he has agreed to help the government bang the drum for apprenticeships and enterprise.”