For organisations whose wage bill exceeds £3m a year, the apprenticeship levy applies at a rate of 0.5%. These funds are then available to draw back down to ‘spend’ on skills development programmes – like apprenticeships. But what happens when an organisation simply cannot use its entire levy pot? That’s where levy transfer comes in.
Under new rules introduced this April, large businesses can transfer up to 50% of their levy pot to smaller organisations to support upskilling – a perfect way for SMEs to access vital funding. If you’re interested, keep reading…
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