The Apprenticeship Levy — what you need to know
With a lot of different information flying about on the Levy, many businesses we speak to are wondering where they stand. Here we explain the key aspects of the Levy.
- All employers operating in the UK, with a pay bill over £3 million each year, will be expected to invest in apprenticeships
- Your annual pay bill is all payments to employees that are subject to employer Class 1 secondary National Insurance contributions (NICs) such as wages, bonuses and commissions
- Employers who aren’t connected to another company or charity will have an Apprenticeship Levy allowance of £15,000 each year
- The Apprenticeship Levy is charged at 0.5% of your annual pay bill. You can use HMRC’s Basic PAYE Tools to help you work out how much you need to pay
Once you have declared the levy to HMRC, you will be able to access funding for apprenticeships through your new Digital Apprenticeship Service account.
Setting up a Digital Apprenticeship Service account
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Transferring funds
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Want to find out more?
If you want to learn more about the Apprenticeship Levy and what options you have please get in touch with us for a free consultation today — call 0115 945 7260 or email: business@nottinghamcollege.ac.uk.