APPRENTICESHIP LEVY FUND
The Skills Service is supporting the Cambridgeshire & Peterborough Combined Authority’s Apprenticeship Levy Pooling Service which is helping businesses unlock vital funding for training and apprenticeships in the CPCA region from the Apprenticeship Levy.
The Apprenticeship Levy is paid by businesses with annual pay bills in excess of £3 million, and unspent funds can be transferred to support other businesses, dramatically increasing recruitment in emerging companies and sectors.
Did you know?
After two years, any unused money paid into the Apprenticeship Levy will expire and return to the treasury.
Employers who pay the Apprenticeship Levy can share up to 25% of their funds with other organisations to cover the costs of training and apprenticeships.
If you are a business that does not pay into the Levy, you may be able to get 100% of your costs for training or apprenticeships covered via the Levy Pooling service.
As an employer that doesn’t pay the apprenticeship levy, you pay just 5% towards the cost of training and assessing an apprentice.
The government will pay the rest up to the funding band maximum.
You’ll pay the training provider directly and agree on a payment schedule.
If you employ fewer than 50 employees, the government will pay 100% of the apprenticeship training costs up to the funding band maximum for apprentices aged:
16 to 18
19 to 24 with an education, health and care plan provided by their local authority or has been in the care of their local authority
If you exceed the funding band maximum, you’ll need to pay all the additional costs.
You can find out more about all the incentives available here.
If your business would like to discuss sharing funds or wants to benefit from additional support for non-levy payers, please contact us.