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Apprenticeship Levy draft regulations
Draft regulations that cover how employers will calculate, report, and pay their Apprenticeship Levy liability have been issued by the UK tax authority, HM Revenue and Customs, for consultation.
The Apprenticeship Levy is to be introduced in the UK from April 2017 and will be set at 0.5 percent of an employer's payroll bill. Every employer will receive a GBP15,000 (USD19,500) allowance to offset against the levy, which means that businesses that pay less than GBP3m (USD3.9m) in remuneration (and are not subject to the connected employer rules) will not have to report or pay the Apprenticeship Levy.
The new draft regulations propose that employers will not have to report the levy if they have a total pay bill equal to, or less than GBP2.8m (USD3.6m) in the previous year or if they expect their pay bill to be less than GBP3m in the current year.
They also confirm that the GBP15,000 allowance will operate on a monthly basis, and will accumulate throughout the year, giving an allowance of GBP1,250 a month. Any unused allowance will be carried forward from one month to the next.
Full text can be found here: www.linkedin.com/pulse/draft-regulations-cover-how-employers-calculate-report-mccurdy
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