Did you know that any business taking on a new apprentice between 1 August 2020 and 31 January 2021 qualifies for £2,000 from the government under their new apprentice incentive scheme? Qualifying apprenticeships include many training programmes aimed at graduates as well as school leavers.
It is hoped that the new payment will encourage businesses to take on more apprentices, something that has fallen by 74% over the last 12 months. The fund will be paid in two instalments, the first after 90 days and the second after 365 days, with the apprentice having completed a least one year’s employment with a business to qualify.
This new payment is different to apprenticeship levy funds and can be spent to support an organisation’s costs, for example, uniforms, apprentice’s travel or as payment towards their salary.
To find out more about the scheme and how to apply, visit – https://www.gov.uk/guidance/incentive-payments-for-hiring-a-new-apprentice
The world of tax is constantly changing, so keep up to date on all our news, views and opinions
26 November 2020
13 November 2020
To find out more about what we do, please get in touch.