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Online service to transfer funds to SMEs launched

The Government has launched an online service to make it easier for SMEs to receive funds from the apprenticeship levy.

The new service will simplify the way employers and smaller businesses transfer and access funds respectively, the Government said in a press release.

Levy-paying employers can advertise their funding pledges on a dedicated Government website page, allowing a wider range of small businesses to browse and apply for available funds.

Businesses can pledge 25% of the apprenticeship levy they pay to another organisation. The apprenticeship levy amounts to 0.5% of an employer's annual pay bill if their pay bill is worth over £3 million.

The portion of the levy they can dedicate to another organisation is based on the business's previous financial year's apprenticeship levy funds.

Apprenticeships and Skills Minister Gillian Keegan said:

"I'm pleased we're making it easier for smaller and medium-sized businesses to offer apprenticeships, which will unleash exciting new opportunities for apprentices and ensure that every business can benefit from the productivity and skills of apprentices."

Get in touch to discuss where to allocate your levy funds.