How do businesses benefit from employing an apprentice?
As well as benefiting from all the reasons set out in the “Why should you hire an accounting apprentice?” FAQ, there are additional strategic and financial rewards to hiring an apprentice. These include:
- Accessing government funding – employers can receive a £1,000 incentive payment for every apprentice employed between the ages of 16-18 years old. Who knows what funding will be available in the future? But at Accountancy Learning we can let you know of the current funding situation as and when you are looking to recruit an apprentice.
- Accessing funding to pay for apprenticeship training – 95% of your apprentice’s training costs can be covered by the Apprenticeship Levy. This could increase to 100% if your apprentice is aged 16-18 and you employ less than 50 staff. However, you will still be required to pay them a salary and we can advise on the going rates for accounting apprentices’ wages in your area. Further details about the Apprenticeship Levy can be seen further down on these FAQs.
- Reducing your NIC – if you employ an apprentice aged 25 or below and their weekly salary is less than £967, you do not have to pay any Class 1 national insurance contributions.
- Retaining your staff – research has shown that apprentices are more likely to stay with their employers compared to other employees. The apprenticeship programmes set out a clear pathway of training, support and career development opportunities. This makes it a very attractive and rewarding environment for the apprentice to want to stay in.
- Creating qualified accountants – Accountancy Learning provide accounting apprenticeships from the Association of Accounting Technicians (AAT) and the Institute of Chartered Accountants in England & Wales (ICAEW). As a result we ensure that your apprentice benefits from learning and implementing key accounting and business skills which can lead to achieving professional accounting qualifications. Not only does this benefit your apprentice, but your business/practice will also benefit from their skills and experience too.
