Regardless of how you pay for your funding, you are entitled too further incentives for hiring an apprentice or upskilling your existing workforce:
Apprenticeships for large employers
How the Apprenticeship Levy is calculated
- UK employers with an annual PAYE bill of £3m or more pay the
- Apprenticeship Levy
- An annual allowance is deducted from the employer’s wages bill
- An amount equivalent to 0.5% of the employer’s total PAYE amount is then taken from the remainder
- This 0.5% amount is the
- Apprenticeship Levy payment payable by the employer
- The payment is deposited in an
- Apprenticeship Service Account
- The government applies a top-up of 10% to the funds available
- The Apprenticeship Service Account can be accessed to fund employee apprenticeship training only.
Apprenticeships for small employers
As a SME, there is a high likelihood that your business will not have to pay the Apprenticeship Levy, therefore here is how your funding is covered:
We can help you:
Watch this video here on how to reserve funds in your digital account.
Transferring apprenticeship funds
UK Skills academy will support you with a free advisory service and manage this proves for you.