Phillip Hammond revealed in his budget speech in October that non-levy paying businesses would contribute 5% to Apprenticeship training rather than 10%; today a start date was revealed for this reform, 1st April 2019.
During his Spring statement, the Chancellor said:
“To help small businesses take on more apprentices I can announce that I am bringing forward the £700 million package of reforms I announced at the budget to the start of the new financial year in April.”
This was later confirmed by the treasury, who stated:
“From April 1st employers will see the co-investment rate they pay cut by a half from 10 per cent to 5 per cent, at the same time as levy-paying employers are able to share more levy funds across their supply chains, with the maximum amount rising from 10 per cent to 25 per cent.”
This change will also apply to levy-paying businesses when their levy pot is empty, according to the Department for Education.
Recruit an Apprentice into your business
This is welcome news for both small and large businesses; with both being able to take advantage of this reform to recruit bright, fresh talent into their businesses.
If your business has a vacancy which could be filled by an Apprentice, St Helens Chamber can help you with recruitment, from our talented pool of “Chamber Approved” Apprentices. Additionally, our team can advise you on how to spend your Apprenticeship Levy and get the most from this fund.
Call on 01744 742333 or send an enquiry to workforce@sthelenschamber.com for more information on recruitment.
