How SMEs Can Benefit from the Apprenticeship Levy

The Apprenticeship Levy is a tax designed to encourage employers to offer more apprenticeships. Money collected from this tax is placed into a fund, to help pay for apprenticeship training costs.

The levy has been important to apprenticeship funding across the country, helping to sustain various types of apprenticeships across numerous businesses.

Smaller businesses don’t pay the apprenticeship levy, but still benefit from it if they hire apprentices. This gives them the support needed to get younger people into careers. All larger businesses can still benefit from it, however they are required to run apprenticeship schemes.

Benefits of Apprenticeships for SMEs

A way to upskill your team. Apprenticeships provide a hands-on approach to training. Through these programs employees can acquire new skills and qualifications relevant to their roles.

Financial incentives. For example, training costs. Governments and funding bodies often provide financial support to businesses who engage in apprenticeship programs.

Improved diversity in your team. By engaging in apprenticeships, businesses are opening their doors to individuals from diverse backgrounds, ages and educational levels.

Learn more about the apprenticeship levy here.