Levy Transfers: A Helping Hand
What is a Levy Transfer?
That is where levy transfers come in. If you aren’t spending your entire Apprenticeship Levy, you are free to transfer up to 25% of it to other businesses. The UK government offers a straightforward process that enables you to share your levy contributions with other organizations in need.
Take it from us, an independent training provider that grew exponentially with our hardworking apprentices, this is a golden opportunity. It is so important to maximize resources and invest in the growth of your workforce, so the potential of transferring and receiving Apprenticeship Levy funds cannot be understated.
Let’s explore the positives and possibilities that lie within this scheme for both sides…
The Benefits of…
Transferring Levy Funds
Supporting Other Businesses
Assist businesses that don’t have significant levy liability of their own. This will boost the overall apprenticeship ecosystem, foster collaboration and goodwill within your industry, and really strengthen the overall supply chain. You will see the tangible benefits to your own business when you invest in the upskilling of the workforce across the different segments of your industry.
Enhancing Local Workforce
Your transferred funds can directly contribute to the development of apprenticeships within your community. By enabling other businesses to take on apprentices, you are investing in the local workforce and playing an important, active role in shaping the next generation of skilled professionals.
Meeting Targets & Flexibility
Transferring levy funds can help you meet your own apprenticeship targets and obligations while maintaining flexibility. If you have surplus funds that are unlikely to be utilized fully, transferring them ensures that they are put to good use instead of going to waste.
Receiving Levy Funds
Access to High Quality Training
With the additional funds received, you can invest in high-quality apprenticeship training programs that may have otherwise been financially challenging. This allows you to upskill your workforce, nurture talent, and boost productivity, all without significant financial strain.
Cost Saving & Reduced Liabilities
By utilizing transferred levy funds, you no longer need to pay a penny of the 5% employer contribution. This can be a game-changer, especially for smaller businesses with limited budgets. All you have to worry about is your apprentice’s wages!
Collaboration & Partnerships
Receiving levy transfers opens up avenues for collaboration and partnerships with other businesses. It creates opportunities to share knowledge, best practices, and resources, ultimately leading to a more interconnected and dynamic business community.
Let’s continue to build a thriving apprenticeship ecosystem that empowers businesses and apprentices alike.
Employers who want to receive a transfer
Are you in and around Norfolk? Check out Apprenticeships Norfolk: Levy Support Scheme