The Chancellor will take to his lectern on November 25 to announce a raft of new measures – and Seaham-based Great Annual Savings Group wants more clarity and detail on the proposed apprenticeships levy after launching an apprenticeship scheme earlier this year.
The levy amount has not been determined yet, although the Government said it would be calculated on the basis of employee earnings. Employers would then pay the levy through their PAYE return to HMRC.
Brad Groves, chief executive and chairman of Great Annual Savings Group, said: “Potentially the levy could act as an important catalyst to boost uptake of apprenticeships but there’s no way businesses can plan for it if they don’t understand how it will work. At the moment we don’t know how much the levy will be and if it will be targeted exclusively at larger employers.
“Uncertainty is the worst thing for businesses. The consultation period for feedback on the levy is now over so the Chancellor must use his Autumn Statement to provide more detail.
“If the levy does fall on SMEs as well as larger companies, that will mean extra costs for my business but that’s not necessarily a bad thing. I see apprenticeships as a good investment for Great Annual Savings Group because young people can bring a vibrancy to the business and make it more productive.
“Also, apprenticeships are a great way of providing career opportunities for local people, particularly in an area such as Seaham which has traditionally suffered from high unemployment.”
For further information about Great Annual Savings visit www.greatannualsavings.com.