What is the Apprenticeship Levy?

In 2017 the Government set up a scheme called the Apprenticeship Levy which enables companies to offer more people opportunities by way of an apprenticeship. This scheme is funded by larger companies of payroll exceeding £3million they pay a tax of 0.5% into the scheme and this is then distributed out allowing smaller businesses the funding necessary to take on people who need training to upskill for specific job roles. Companies with wage bills less than the £3million threshold are exempt from paying into the levy but can obtain the funding for up to 10 employees to come into the company learn the job as an apprentice and the Government will pay 95% of the wage. This focus on raising the profile of Apprenticeships really does a great deal for the economy it encourages company growth but also increases employment growth in the UK.