Apprenticeship Levy Funding
Since 2017, the Apprenticeship Levy fund has been available for organisations to fund training and qualifications for staff via approved providers. There is, unfortunately, myths and sometimes even stigma relating to the word ‘Apprenticeship’ which means organisations are often not aware of what is available to them. Did you know Apprenticeships are not just for new hires, young people or low level qualifications? In fact, the funding is available to all sizes of organisation (whether you pay into the levy or not), for staff of all ages, new and existing staff and across a range of topics from level 2 to Level 8 (above Level 6 is akin to a degree!). Most organisations struggle to even spend their entire levy pot, so to find out more about how to benefit.
Often, when people think of Apprenticeships, they think of them as only for new starters, young people, trades or for those who didn’t make it to university – these are all myths!
Since 2017 any employer with a pay bill of over £3m a year, must be paying the Apprenticeship levy to HMRC through the PAYE process. This creates a ‘levy pot’ to spend on training and qualifications with a registered training provider. However, funding can still be accessed by smaller firms who do not pay into the levy. They can access 95% funding for up to 10 staff on programmes – a great way to fund training and qualifications.
Apprenticeship levy funding can be used to develop staff (new and existing) from Level 2 to Level 8, in 587 different standards. Level 7 and above is equivalent to a university degree.
More businesses than ever are using funded Apprenticeships as their preferred talent attraction, recruitment and upskilling strategy because it enables a contribution to the workplace whilst learning but also without being a drain on budgets. Apprenticeships can be undertaken in thousands of different areas by people of all ages.
If you are new to Apprenticeship funding (whether you are a levy payer or not) we are happy to guide you through the process without obligation. Alternatively, if you are experienced with funding regulations, we can also provide a free of charge review to ensure you are maximising your return on investment and achieving your business outcomes.
Contact Carolyn.Blunt@davies-group.com for more information.
