This April see’s the launch of the government’s Apprenticeship Levy, a tax on businesses to support the funding of apprenticeships and, more importantly, their growth as a means to bridging the significant skills gap in UK Plc.
The levy will be paid by any business with a payroll in excess of £3m per annum with their levy contribution being calculated as 0.5% of the aforementioned figure. These contributions will be taken each month by HMRC and placed into a digital account for use – by the organisation – on the training and assessment of their apprentices.
If these funds are not utilised within a 24 month period they will expire – meaning the employer can no longer use them – and be transferred into a general fund for apprenticeships.
Continue reading “The Apprenticeship Levy: A Taxing Opportunity”