Some questions for you:
- Do you know what your salary bill is?
- Have you heard about the new Apprenticeship Levy?
- Do you know whether you will be paying it?
If you can’t answer all these questions then here are a few clues to help you out.
Now, obviously I do not know what your individual company salary/wage bill is but you should go find out. If for instance you are over £3m, then are what is classified as a levy payer. Here are a couple of useful links from the gov.uk website.
Employer of 250 UK based employees, each with a gross salary of £20,000
- Wage bill: 250 x £20,000 = £5,000,000
- Levy Sum: 0.5% x £5,000,000 = £25,000
- Allowance: £25,000 – £15,000 = £10,000 this is what you will pay as an annual Levy Payment
150 UK based employees
- Wage bill: 150 x £20,000 – £3,000,000
- Levy Sum: 0.5% x £3,000,000 = £15,000
- Allowance: £15,000 – £15,000 = £0 this is what you will pay as an annual Levy Payment
100 UK Based employees
- Wage bill: 100 x £20,000 – £2,000,000
- Levy Sum: 0.5% x £2,000,000 = £10,000
- Allowance: £10,000 – £15,000 = £0 this is what you will pay as an annual Levy Payment