Learning while working, to become competent in a job role.Apprenticeships are changing the way we develop employees within an organisation to become leaders in their industry.
An apprenticeship is a cost-eﬀective way for employers to develop individuals within an organisation.It provides them with an entry-level resource that will add value to the business over time. An apprenticeship is an alternative route to university. It’s a credible way to gain nationally-recognised qualiﬁcations through part-time study, along with industry-speciﬁc work experience which will be developed whilst working alongside industry professionals.
The Apprenticeship Levy is a tax that is collected by HMRC on a monthly basis through the PAYE system. Every company that has a wage bill of more than £3million per annum is taxed 0.5% of their wage bill minus a £15,000 allowance. This tax goes into a Digital Apprenticeship Service (DAS) account which the employer uses to upskill new or existing members of staff. If it is not used within 24 months, it is lost.
If your business does not meet the qualifying £3 million wage bill, you will not be eligible for the Apprenticeship Levy, however, you can still train staff and pay just 5% towards the cost of apprenticeship training. The government will pay the remaining 95%.
The employer must use an approved training organisation like e-Careers to deliver the training.
The objective of the Apprenticeship Levy is to encourage UK organisations to upskill their workforce and drive growth in the economy.
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