Unlocking the Power of Apprenticeship Levy Transfers in Dorset
In the realm of workforce development, the Apprenticeship Levy stands as a beacon of opportunity, driving the growth of skills and fostering a culture of continuous learning. For Dorset’s businesses, both large and small, the concept of Levy Transfers opens doors to a realm of possibilities, enabling them to harness unused funds for the betterment of their workforce and the local community.
What are Apprenticeship Levy Transfers?
The Apprenticeship Levy, introduced in 2017, mandates that businesses with an annual payroll exceeding £3 million contribute to a fund aimed at financing apprenticeship training. However, not all businesses fully utilise their Levy funds. Herein lies the concept of Levy Transfers: the ability for Levy paying businesses to currently transfer up to 25% of their annual Levy funds to other employers, aiding in the upskilling and development of their workforce. It has been announced that from the start of April 2024, the government will increase the amount of funding that employers who are paying the apprenticeship levy can pass onto other businesses to 50%. This should further help SME’s hire more apprentices by giving them greater access to Levy funds available.
Why Should Dorset’s Large Businesses Pledge their Excess Levy?
Large businesses in Dorset wield significant influence, not only in their respective industries but also in shaping the local economy. Pledging excess Apprenticeship Levy funds not only demonstrates corporate social responsibility but also fosters a strong cross County business relationships.
Moreover, pledging Apprenticeship Levy funds enables large businesses to foster innovation and adaptability within their supply chain. By supporting apprenticeship programs in other businesses, they facilitate the transfer of knowledge and best practices, enriching the entire business landscape of Dorset.
Why Should Dorset’s Small Businesses View and Apply for Levy Transfers?
For small businesses in Dorset, accessing funds for training and development can often be a challenge. However, through Levy Transfers, they gain access to funds that can catalyse their growth and sustainability. By viewing and applying for Apprenticeship Levy Transfers, small businesses can invest in the skills of their workforce, enhancing their capabilities and unlocking new opportunities for expansion.
Furthermore, Apprenticeship programs facilitated by Apprenticeship Levy Transfers offer small businesses a cost-effective means of talent acquisition and retention. By nurturing home-grown talent through Apprenticeships, they not only address skills shortages but also foster a loyal and motivated workforce invested in the success of the business.
Useful Links for Dorset Businesses:
- Pledge your Levy Funds: Watch Video – This informative video guides businesses through the process of pledging excess Levy funds
- Viewing and Applying for a Levy Transfer: Watch Video – This instructional video provides step-by-step guidance on how small businesses can view and apply for Levy Transfers.
For more information on Apprenticeship Levy Transfers and how they can benefit your business, speak to your local Training Provider or College.
Please be aware that the links and information provided may refer to the levy details prior to the announcement of the increase to 50%. Neither DSTPN or Dorset Chamber can be held liable for any issues resulting if the Government proposal is not implemented as they have proposed. Please work with your training provider to get the latest information.
Download a guide on Apprenticeship Levy Transfer
