The Apprenticeship Levy: One Year In
There has been some huge changes in the last year since the introduction of the Apprenticeship Levy. It has changed the whole landscape of how UK companies are using apprenticeship programmes to strengthen their business.
As many of you will already know, the Apprenticeship Levy is a tax which businesses in the UK pay when they have a wage bill of over £3millon. Both companies in the public and the private sector are accountable to pay this levy. The payment is paid to the HMRC directly through PAYE returns.
One Year In – What’s Changed?
There has been a few changes since the initial introduction of the Apprenticeship Levy. The main one is the transferring up to 10% of levy funds to another employer if the contributing company is unable to use their entire levy fund themselves. This will allow employers who are n the same supply chain, to benefit from the Apprenticeship Levy.
Any unspent Levy funds expire 24 months after entering the digital account, so the introduction of the funding transfers will help more businesses benefit fully from the levy fund. Unspent funds are returned to the treasury after 24 months. Making the next twelve months a great time to ensure you are spending yours wisely.
What we do
Vortex Training Solutions actively look to help employers who are paying the Levy. We help them understand how it works and manage their funds in the best way possible. Allowing them to get the best return of investment from their payments.
Since the introduction of the Levy we have been able to work with aspiring employers, who may have not considered an apprenticeship programme in the past. The Apprenticeship Levy is able to provide their business with specialised training their workforce needs to succeed.
One year in we continue to provide levy paying businesses with a fully managed service. Giving our assistance and guidance to ensure full utilisation of the Levy can happen. We want to make your access to apprenticeship training as seamless as possible. Taking the problems you have encountered previously away.
If you are a Levy paying businesses and need help utilising it to the best possible benefit for you, or if you’re already using it but want to use it better we would love to speak to you and show you how we can help.
You can contact our experts by emailing us on firstname.lastname@example.org or calling on 0191 432 4401.