West Berkshire Training Consortium
Apprentice Levy Update
The Apprenticeship Levy is set to go live from April 2017 and impacts ALL employers with a payroll of £3 million or more. Levy payers will be taxed 0.5% of their payroll over £3m, which means that some will pay a lot of Levy and some will pay less. All of the Levy will go into the employers own Levy Account. HMRC will collect this top it up themselves with an additional 10%. The only way to retrieve this money is by spending it on Apprenticeships, but beware, there is a time limit for using the funds before they 'expire'. For those with a payroll of less than £3 million, for the time being you will not be required to pay the levy.
It's a complicated subject with many questions and many options that you can benefit from both before and after the levy comes into force.
To help you understand the impact you could face, we have produced a useful guide that explains things. Download your free copy by clicking here.
If you would like further information regarding the Apprenticeship Levy, please contact Jenny Hyam via email or call her on 07434 914 743