Transfer for Levy (SME)
At Greaves Consultancy, we can provide support for any organisation that has a sustainable case for apprenticeship funding. Our focus on helping all businesses alike, especially small to medium enterprises who are starting their journey in recruitment. Passing on a portion of the levy means businesses can fund training in smaller companies or those in their supply chain, which can open opportunities to create apprenticeships.
Employers Levy paying employers can transfer levy funds to other employers who wish to receive a transfer to pay for their Apprenticeships training and assessment. Levy-paying employers can move up to 25% of their Apprenticeship levy, allowing them to use their levy pot more effectively.
HOW DOES THE TRANSFER WORK?
Are you an organisation interested in an apprenticeship but don’t have the funds. If you want to receive a transfer from another employer, you must be aware of the following:
- You can only use the transferred funds for apprenticeship training and assessment.
- Transferred funds can only be used for apprenticeship standards.
- You will need to create an account on the apprenticeship service to receive the transfer and pay for Apprenticeship training
- You’ll need to sign an agreement with the Education and Skills Funding Agency (ESFA)
- Transfer payments will be made monthly from the sending employer to your Apprenticeship account
- You won’t have to pay any funds back to the sending employer
- If the employer sending you funds runs out of funds, you must make a 5% contribution to the cost of Apprenticeship training, and the government will pay the remaining 95% (this is called co-investment)
- A transfer can fund up to the funding band maximum of a standard, if the cost of training is more, you’ll have to pay the difference to the training provider
- If a training provider transfers funds to you, they cannot deliver the preparation for that funded Apprenticeship
- Funding rules around transferring apprenticeship funds