How to recoup more value than the tax you pay
There’s never been a better time to take on more apprentices in business. There are more Apprenticeships available, tailored to industry needs, many more apprentices in the market for training, and the costs are off-set by government subsidies.
If your business has a wage bill of £3M or more per year you’ll be paying an additional tax over NIC called the apprenticeship levy. The tax is not money that simply disappears to offset the national debt, rather it is held on account and you can use it to fund apprentices working in your business. In addition you will receive a £15,000 allowance and the government will top up your tax contribution by 10%.
The object of the levy is to raise publicity and numbers of apprentices employed by UK businesses. The system has many rules and few exemptions, but if it appears confusing, help is at hand.
As a leading provider of Apprenticeships, West Suffolk College is equipped to deal with the inevitable red tape and advise on the most suitable training programmes. We’re here to guide you and ensure the best possible training for your workforce.
Follow the links below for further information, or to speak to an advisor: 01284 716 246
Find out more
Read our guidebook: Are you ready to maximise the Apprenticeship Levy? Key things you need to know
Try out our online calculator: Estimate your apprenticeship funding
Accounting procedures: When you have to pay Apprenticeship Levy and how to report your payments (GOV.UK)
Further help: A step-by-step guide to the apprenticeship service