Is it a good investment?
The Levy and any allowance due will be calculated monthly and collected as part of the HMRC RTI Return (in the same way as Employers NI). The Government will also pay a 10% Top Up on your Levy contributions. This means you will get 110% of what you pay in, so by talking to TDR we can help you plan effectively to ensure you get the full return on your investment.
Non-levy paying employers will share the cost of training and assessing their apprentices with the government – this is called ‘co-investment’.
The co-investment rate has changed for new apprenticeships starting on or after 1 April 2019. You will now pay 5% of the cost of apprenticeship training. The government will pay the rest up to the funding band maximum.