The Government has committed to creating 3 million apprenticeships in England by 2020, funded by an apprenticeship levy applied to businesses with a pay bill of £3 million or more.
The levy is charged at 0.5% of your annual pay bill and is paid through PAYE. The Government will apply a 10% top-up payment to funds contributed, which will be collectively accessible through an online account called the Digital Apprenticeship Service. Companies will create an account and both the levy and Government top-up will be processed monthly.
The funds must be used for apprenticeship training and assessment with an approved training provider and assessment organisation.
If your pay bill is less than £3 million, the Government will fund 90% of your apprenticeship training costs. If you have fewer than 50 employees, the Government will pay 100% of the costs for apprentices aged 16-18, and those aged 19-24 with an education and health care plan.
More information on the apprenticeship levy can be found on the Government’s website, click here.
To talk to a member of the college team about the apprenticeship levy and how the college can help with training your apprentices, email us at email@example.com or call us on 0330 120 0375.