From 2017, the government is introducing a new apprenticeship levy that will have financial implications for businesses of any size.
This new levy starts in April and can be used on any approved apprenticeship training for new or existing employees and is a great way to up skill your workforce.
Large employers with a pay bill over £3 million will have to pay an annual apprenticeship levy of 0.5% of their PAYE bill, which can only be recouped when they employ and train apprentices.
The levy will be collected monthly by HMRC through the payroll system so any employer who has a payroll bill over £250k in any one month will pay the levy .
Businesses will also receive a £15,000 annual allowance and an additional contribution of 10% on their monthly levy allocation.
If you need any advice, help or guidance on the levy and how it can benefit your business then please contact Worcestershire Apprenticeships who are here to support all Worcestershire employers by providing 100% impartial advice.
Email: email@example.com or call 0300 666 3666.
Further information can also be found at http://worcsapprenticeships.org.uk/employers/apprenticeship-levy/