How To Access Your Levy Funds And Avoid Losing Them
Levy funds are central to the apprenticeship system in the UK. 2% of the largest employers fund the levy, which is then used to support companies throughout the country. The apprenticeship Levy funds last for two years and can either be used by your own business or by a smaller company. The Department for Education (DFE) manages this, but you still have high levels of control. If you’re interested in becoming an apprentice, click here to visit the government portal. If you’re a business owner, read on!
The Levy Process
The levy service in the UK has been in operation since 2010, when the concept of apprenticeships was revived. Since this time, over 5.3 million people of all ages and across all industries have used apprenticeships as a career pathway. The UK economy gained £7 billion in the first decade, with every £1 spent on the strategy generating an average of £21 in return. As such, they are recognised as a wise investment for businesses. To access it, simply register with the government apprenticeship service account, and you will be able to view your funds. This will help you pay to train an apprentice.
What Documents Do I Need?
To access your personal apprenticeship service account, you need a few details. The first is your Government Gateway User ID and password. If you don’t already have one of these, you need to register by using your work email address. The government apprenticeship service account website gives instructions, but you can also call 0800 015 0600 if you prefer. To register, you will need to give your company information and create agreements with training providers. For instance, many companies partner with ILM, which is responsible for providing the resources and support that both you and your apprentice will require. For this, both you and ILM will need to sign a contract. To make life easier, you can, of course, talk to one of our expert advisors at Penguin Learning, who can guide you through the process.
What Happens If My Funds Expire?
If you register with the government and then do not use your allocated funds, they will expire in 24 months. This is the average duration of an apprenticeship, especially at management and leadership levels. For instance, operational management training takes around two years. If your funds expire, the money does not vanish. Instead, it is used elsewhere by the DFE. Unfortunately, for you, this means that funding your apprentice then becomes your responsibility. As such, it is very important to be proactive and organised about both your registration and employing an apprentice.
How Can I Avoid Losing My Levy Funding?
Planning and organising are the keys to maximising the benefits of your levy funding. In most cases, apprentices will be with you for three weeks of the month, and will then go away for a week of study and assessment. Consequently, it is important to think carefully about your payment plan and discuss this with your training providers to ensure that there are enough funds in the pot to cover everything. At Penguin Learning, we also always recommend checking your apprenticeship service account regularly so that you know exactly how much available funding you have.
What Next?
Apprenticeships have revolutionised the UK economy and are helping to support a diverse range of industries. To start benefiting, please contact us today.
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