HMRC is encouraging payroll professionals to ask their HR colleagues whether their organisation is using the apprenticeship levy to its full potential.
The apprenticeship levy applies to employers with a pay bill of more than £3 million a year. Those paying the levy can create an online account on the apprenticeship service to spend levy funds on apprenticeships, manage their apprentices and manage payments to training providers.
The Education and Skills Funding Agency, an agency of the Department for Education, is continually making improvements to the apprenticeship service to help employers make the most of their apprenticeship levy.
An upcoming change, to be introduced from April 2018, is to allow levy-paying employers to transfer funds to other employers, through the apprenticeship service. Levy-paying employers will initially be able to transfer up to 10 per cent of the annual value of funds entering their apprenticeship service account.
For more information, visit the apprenticeship funding: how it works page and look under the heading ‘Share funds with another employer’. HMRC will be providing further details about the transfer process in the near future.
To keep abreast of any other changes to the apprenticeship levy, follow @ESFAdigital on Twitter and sign up to blog post alerts.
