By Anna Jordan on Small Business – Advice and Ideas for UK Small Businesses and SMEs
The good news is that you can get assistance from the government. The funding can help you pay for apprenticeship training and assessment or you can get an apprentice incentive payment which you can use to support your business.
Apprenticeship training and assessment
For training and assessment, the amount of funding you receive depends on whether you pay for the apprenticeship levy. You should be paying the levy if you’re an employer with a pay bill of over £3m a year.
If you do not pay the levy, you will contribute five per cent towards the training costs of your apprentice. You’ll need to agree a payment schedule with your training provider – and you’ll be paying them directly for the training.
The government will pay 95 per cent up to the funding band maximum. They will also pay directly to the training provider. You may be eligible for additional funding depending on you and your apprentice’s circumstances.
You’ll contribute 10 per cent towards the cost of your apprentice’s training and assessment if your apprentice started before April 1 2019. The government pays the remaining 90 per cent.
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