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Spend Your Apprenticeship Fund Before It's Too Late by Laura Jeeves





Spend Your Apprenticeship Fund Before It's Too Late by
Article Posted: 06/13/2019
Article Views: 123
Articles Written: 3781
Word Count: 544
Article Votes: 0
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Spend Your Apprenticeship Fund Before It's Too Late


 
Automotive
Many haulage businesses across the country are paying an apprenticeship scheme levy, but there are some that aren’t aware that after two years it reverts to the Treasury if not used. Don’t let what your business has paid towards funding go to waste – read on to learn more about how you can spend the money wisely before it’s too late.

The Fast Facts

If you’re in haulage work but aren’t in-the-know about how the industry funds apprenticeships, enlighten yourself with these fast facts:

• Every business in the industry with a staff bill of over £3m (per year) has been required to pay a levy of 0.5% of the total into an apprenticeship fund. • If the amount paid towards the funding is not used within two years, it reverts to the Treasury – you may think that’s a lot of time, but the first deadline is approaching fast…

In fact, because this scheme came into effect in the early months of 2017, your time is almost up! However, this isn’t the time to simply follow the crowd – although a lot of companies might be tempted to spend the money on speedy recruitment before it’s too late, it actually might not be the best solution.

Get Clued Up Before You Spend Up

In many cases, these apprenticeship funds are not being spent in the most effective ways, and it’s clear that some industry professionals have limited knowledge when it comes to knowing where and how the money can be spent.

Up to 25% of the fund can actually be allocated to sub-contractors, and there is also the newer Large Goods Vehicle (LGV) Driver Apprenticeship scheme that could allow you to make good use of the money. Generally when companies are recruiting, the high costs of insuring under 25’s can means fewer LGV drivers are employed, so the funding could have a largely positive impact on this as age is not a factor.

Keep Limitations in Mind

Though there are several options when it comes to using up the money your haulage company has paid through levies, a lot of the time funds still remain unclaimed after the two year period due to the limitations of the scheme.

Some experts say the scheme is not suited well enough to industry training needs, and so the levy is being wasted. There is talk of a shift from apprenticeship-based levy to a training-based levy to aid more appropriate use, but until then, pounds might continue to be spent unwisely if companies aren’t in-the-know.

If your haulage business has an apprenticeship levy fund that is soon to run out, do your best to spend wisely despite the limitations you may be faced with. Consider allocating up to 25% of the money to some of your sub-contractors, or perhaps work towards hiring older LGV drivers. Either way, it’s always best to use the fund – it belongs to you, after all, not the Treasury!

Author Plate Norman Dulwich is a Correspondent for Haulage Exchange, the leading online trade network for the road transport industry. Connecting logistics professionals across the UK and Europe through their website, Haulage Exchange provides services for matching haulage jobs with available drivers, and is now the fastest growing Freight Exchange in the UK.

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