Apprenticeship levy funds expire: Employers lost millions of their apprenticeship funds in the last two months
Apprenticeship levy funds expire: Employers lost access to £96 million of their apprenticeship funds in the last two months!
In June of 2019, employers have lost access to an overwhelming £26 million of their Apprenticeship Funds. This is only an increasing number as in the last two months £96 million has gone unclaimed!
Businesses who have a pay bill of £3 million or more must make monthly payments of 0.5% of their annual pay bill into the Apprenticeship levy pot. On top of this, Employers will be given only 24-months to spend it. If employers don’t reclaim the money within 24 months, then they lose access and million Apprenticeship levy funds expire.
Employers can only use their levy funds to pay for apprenticeship training and assessments for apprentices that work at least 50% of the time in England. Employers can’t use their levy funds to cover the cost of wages, travel costs or anything other than apprenticeship training.
Don’t lose out on your money – We can help!
Make use of your levy funds and don’t lose out on your Apprenticeship levy funds! If you’re looking to use your funds to hire an apprentice or transfer your levy funds – we can help.
Employers can use their levy funds to fund training for existing apprentices as well as new apprentices in non-levy paying companies. It is possible to transfer up to 25% of your annual levy funds to any employer. Funds can be transferred to smaller employers as this supports new opportunities and the participation of apprenticeships.
By transferring your Apprenticeship Levy Funds, you will support employers and apprentices with their funding and to help kick-start their IT careers and further their education as they will gain valuable qualifications and experience.
At NowSkills, we have several talented learners who are waiting for employers to fund them. We understand that it may be time-consuming. This is why we offer our services to help you transfer your levy funds all for no cost.
If you have any other questions, feel free to get in touch!