How will it affect me as a Large employer?
If you are an employer who has a UK pay bill exceeding £3M you will be required to pay 0.5% of your total annual amount which will be payable to the HRMC through the pay as you earn system (PAYE). Employers who are required to pay the levy will have access to funds they have paid in via a new online portal called the Digital Apprenticeship Service (DAS). They will also receive a 10% top-up from the Government to their total monthly contributions in England. Any training must be provided through an accredited provider.
How will it affect SME’s?
If you are an employer who has a UK pay bill of less than £3M you will not be required to pay the levy. However as an employer you must contribute 10% of the cost of training an apprentice, and the government will ‘co-invest’ by paying the remaining 90 per cent.
Businesses who have less than 50 employees won’t pay anything if they employ apprentices under the age of 19, and will receive a £1,000 payment.
For those already employing apprentices, anyone accepted before May 2017 will be fully funded for the full duration under the terms and conditions that were in place when the scheme started. Therefore, it would be wise to seek out opportunities to where training is needed within your business and put a structural plan together.
Download the Levy Simplification Calculator
There is currently just six months left to prepare for this important adjustment. At NTG Training, we have experienced staff on hand to support and advise you through this time. We will work with you to make the process as smooth as possible, maximise opportunities within your business and ensure that you get the benefits from paying into the levy.
We offer the following:
– Advice on what the levy is and how will affect their organisation
– Financial modelling
– Construction of a skills matrix to identify their specific training needs
– Creation of a long term training strategy
– Workforce planning
So if you want to find out how we can positively assist you through this time, then contact us now on 01244 678100.