Leading Leicestershire-based accountancy firm Newby Castleman is encouraging businesses that already employ apprentices or trainees to claim back cash through the government’s apprenticeship levy scheme.
The apprenticeship levy, which is payable only by employers with a wage bill of more than £3m per year, came into effect in April 2017.
It is intended to boost the employment rate and increase skills by using the cash raised from the levy and giving it to small and medium sized enterprises (SMEs) which take on apprentices and trainees from any age group. This makes larger businesses pay for smaller businesses’ apprenticeship training costs.
With some businesses claiming that the £15,000 annual allowance per apprentice afforded to them by the levy does not cover all the costs of complex apprenticeship training, Newby Castleman is reminding firms that they may be able to recover some, if not all, of their training costs.
Most qualifying businesses can claim back 90% of the cash paid on training costs, and 100% can be claimed on training costs by businesses with fewer than 50 employees on their books.
John Griffin, Partner at Newby Castleman, said, “Small businesses that have taken on apprentices and are training them up to be the workers of the future should take steps to gain back some, or in some cases all, of the cash they spend on training them.
“The government has raised a substantial amount of money from larger firms to help fund apprenticeship training carried out by smaller firms, and these smaller firms should take steps to access the support available to them and claim back what is rightfully theirs, which in many cases is significant.”
Newby Castleman is one of the Midlands’ leading independent accountancy firms, with offices in Leicester and Loughborough. It offers a range of specialist financial services, business and tax advice for individuals and businesses. For further information, telephone the Leicester branch on 0116 254 9262, the Loughborough branch on 01509 263500 or visit the website at www.newbycastleman.co.uk.
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