On October 04 2021, Rishi Sunak announced that the incentive payments to employers for hiring an apprentice will be extended until 30 November 2021. The incentive scheme offers a payment of £3,000 for an apprentice with an employment start date from 01 April 2021 to 30 September 2021. From 11 January 2022, you will be able to apply for a payment of £3,000 for apprentices with an employment start date from 01 October 2021 to 31 January 2022 – applications close on 15 May 2022.
You can use the funding for anything that supports your organisation’s costs for example: uniforms, travel or salary. You do not have to pay it back. This payment is in addition to the existing £1,000 an employer will already get for taking an apprentice who is either:
- Aged 16 to 18
- Under 25 and has an education, health and care plan or has been in the care of their local authority
You will receive the payments in 2 equal instalments for each apprentice. To be eligible, your apprentice must complete:
- 90 days of their apprenticeship for your first payment
- 365 days of their apprenticeship for your second payment
You must set up an apprenticeship service account before you can apply. To receive the payment, you must submit an application for each eligible apprentice using the account.
Knowing how to take control of your business finances to maximise profits can be difficult, especially with the current climate. Knowing the common mistakes to avoid can be difficult and can leave you feeling unsure.
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