Apprenticeship Funding for Levy Paying Companies
The Apprenticeships Levy at a Glance
From April 2017, the Apprenticeships Levy came into force across the UK.
If your business has a gross UK annual pay bill of more than £3m, then you should by now have registered for the levy and have made your first payment.
The Apprenticeships levy is calculated as 0.5% of any pay bill above £3m per year. If your business is part of a larger group of connected companies, then your combined pay bill is calculated on the combined pay bill for the group.
Once you have registered and paid your levy, you can access the money you have paid, including a 10% Government top-up via your digital account to pay for Apprenticeship Training. You, as the employer are still responsible for paying the wages for the apprentice as your levy cannot be used to pay this. If you do not use all your levy, the funds will be permanently removed from your digital account after 2 years, but the oldest funds are always used first.
- You will receive an additional £1000 funding for each apprentice you start aged 16 to 18. (£500 at 3 months and £500 at 12 months)
- You will receive an additional £1000 funding for each apprentice you start aged 19 to 24 who has previously been in care or who has an Education, Health and Care Plan. (£500 at 3 months and £500 at 12 months)
Apprenticeships Norfolk has a team of Apprenticeship Advisers who are here to help. Please call 0344 8008024 or email email@example.com for further details.
If you have a business that has a gross UK pay bill of less than £3m and is not connected to any other company, you will not have to pay the Apprenticeships Levy, but can still employ an apprentice. Click here to find out how the funding works for you.