Transfer Levy Funds
Employers are now able to transfer levy funds to other employers who wish to receive a transfer, in order to pay for their Apprenticeships training and assessment.
Why Transfer levy funds?
Employers who pay into the apprenticeship levy and have unused apprenticeship funds can help support local employers, help out in the community and/or support a young person with their apprenticeship funding.
Employers get to decide who their funding goes to, so you can assist your supply chain or local organisations. By transferring your levy funds to small and medium- sized businesses (SME) you are benefiting SME as their funding and apprenticeship starts are limited. Whereas Levy payers can transfer their funds and make a difference for the young learners and the SME! All you have to do is fund the SME for them to be able to take on more apprentices.
We have a number of talented young learners who are waiting for employers to fund them, we can’t let this much talent go to waste as we want to help them kick start their careers! Hence why we are helping Levy payers to transfer their funds, we will look after employers and guide them all the way.
This would also be beneficial for Levy paying employers, as they will be helping out in their communities and supporting young learners with furthering their education and enhancing their skills by having apprentices gain a number of vendor qualifications such as MTA Networking Fundamentals.
Additionally, if the levy funds have not been used within 24 months, they will be classified as unused and your money will be removed from your account and go to HM Treasury.
How can NowSkills help?
We want to work with you and want to support other businesses that acquire apprenticeship funding.
NowSkills offer their services to help you transfer your levy funds! In order to benefit local employers and help support apprentices with their funding. We understand it could be a hassle to deal with his, hence why we look after all of this for you and it’s all free!
We believe in success stories and support our apprentices 100%, whether that is with their funding or their training. NowSkills have amazing young learners who are waiting to receive their funding, which is why we want levy-paying employers to help apprentices gain more skills by funding them and supporting their local communities.
To find out more, please do to get in touch, we’d be happy to help!
How much levy funds can you transfer?
Since April 2019, levy-paying employers have been able to transfer up to 25% of their annual levy funds. Employers can transfer levy funds from their apprenticeship account to as many employers as they want.
The apprenticeship service calculates this by:
The total amount of levy declared in the previous tax year
With the English percentage applied
Plus the payment of 10% from the government
What does Levy funds cover?
Employers must be made aware of the followings prior to transferring or receiving any levy funds:
Funds are paid monthly for the duration of the apprenticeship
Only levy-paying employers can make a transfer
Any employer can receive and use transferred funds
Employers have to be registered on the apprenticeship service in order to receive or transfer levy funds
A transfer can only be used to pay for training and assessment for apprenticeship standards
Transfers can only be used for new starts
If you’re still unsure about something, please do not hesitate to contact us!