The apprenticeship levy was introduced in Finance Act 2016 and applies as from 6 April 2017. The rate of levy is 0.5 % of paybill offset by a £15 000 ‘levy allowance’. This means that in effect it applies only to employers who have an annual paybill of £3m or more a year (FA 2016 s 99).
The apprenticeship levy payment regime is administered by HMRC as part of the real time information (RTI) system alongside PAYE tax and NICs.
The money raised by the apprenticeships levy goes into a special training fund which is topped up by government with the aim that it can be accessed by all employers to help meet the training and assessment costs of apprenticeships.
Payments of the apprenticeship levy are deductible in computing the employer’s profits for tax purposes.
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The apprenticeship levy was introduced in Finance Act 2016 and applies as from 6 April 2017. The rate of levy is 0.5 % of paybill offset by a £15 000 ‘levy allowance’. This means that in effect it applies only to employers who have an annual paybill of £3m or more a year (FA 2016 s 99).
The apprenticeship levy payment regime is administered by HMRC as part of the real time information (RTI) system alongside PAYE tax and NICs.
The money raised by the apprenticeships levy goes into a special training fund which is topped up by government with the aim that it can be accessed by all employers to help meet the training and assessment costs of apprenticeships.
Payments of the apprenticeship levy are deductible in computing the employer’s profits for tax purposes.
Who has to...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
