Lancashire Levy Transfer Network (LLTN) 🔶🔁🔷
The LLTN is a platform that helps assist the funding of apprenticeships by way of transferring any unused apprenticeship funds of up to 25% between businesses in Lancashire.💰
🟠Are you currently paying the apprenticeship levy?; OR
🔵Are you looking for additional funding to help hire an apprentice?
The Lancashire Levy Transfer Network 🔃 is a “match making service” that businesses in Lancashire can use to 👇
1. Pledge any unused apprenticeship levy funds to go to another business in Lancashire; or
2. Apply for unused apprenticeship levy funds from another business to help hire an apprentice.
Take a look at the website to see which businesses have already pledged their unused apprenticeship funds and see what funding opportunities are available for your business! 💼
The Apprenticeship Levy in relation to LLTN
Since the introduction of the Apprenticeship Levy in 2017 £11.5 billion has been collected by HMRC yet only £3.6 billion has been utilised directly by the levy paying employers with £3 billion handed back to the Treasury according to a recent publication.
Unspent levy funds that aren’t used within 2 years are ‘lost’ and allocated to the national pot for other means… maybe ringfenced for the government’s contribution to apprenticeship training for SMEs!
Currently non-levy paying employers must reserve apprenticeship funds at a cap of 10 apprenticeships per employer. Many employers have reached the maximum of 10 and the only way these employers can support further apprenticeship programmes, either to upskill their existing workforce or to recruit new talent with an apprenticeship is from transferred unutilised levy.
The way forward ⏩
🔸Utilise your apprenticeship levy wherever you can to upskill or grow your workforce.
And/or
🔹Support non-levy paying employers to do the same for theirs. Many small or micro businesses could save up to £1375 per apprenticeship with your support.
If you don’t currently, or plan to, utilise your apprenticeship levy you can transfer up to 25% of this to other businesses in need who would be very grateful of your support. You may have a supply chain, wish to support other local businesses or businesses in your sector. 👩🏽💼👨🏻💼