Many ICAEW members are employers who pay the apprenticeship levy, and I wanted to remind you that, for those in England, funds from the levy will begin to expire from May 2019.
Unused funds expire after 24 months – so if you began paying the levy in April 2017, you now have just over three months to spend your payments on apprenticeship training before they are reclaimed by the Government.
However, it also means you still have time to make the most of your funds and use them for ACA training by investing in an apprenticeship with ICAEW. You can train new or existing staff of any age, regardless of their educational background.
Please note that apprenticeships are a devolved policy. This means that authorities in each of the UK nations manage their own apprenticeship programmes, including how funding is spent on apprenticeship training. This 24-month expiration only applies to the funding system in England.
Apprenticeships can add significant value to your business and are a fantastic way of offering cost-effective training. They can increase productivity, reduce recruitment costs and increase your business's skillset.
Specifically, accounting apprenticeships with ICAEW can strengthen your finance function, support succession planning and help with staff retention. They offer a holistic approach to staff development, combining an ICAEW qualification with work experience and skills training. The structure and content of the skills training is also flexible, allowing you to personalise it according to your organisation’s needs.
An Apprenticeship in Accountancy
Apprenticeships are fast-becoming the most popular ACA training route among employers in the UK – whether in practice, business or the public sector. ICAEW offers two apprenticeship programmes in finance and accountancy, both designed to help your business grow by setting your staff well on their way to becoming fully-qualified chartered accountants or ICAEW Business and Finance Professionals (BFP).
Our apprenticeship programmes cover all or some of the modules of our prestigious and globally-recognised ACA qualification. Technology, ethics and critical thinking are embedded throughout, and part of the ACA can be tailored to focus on a specific area relevant to your organisation - from taxation to banking and business planning.
A dedicated member of the ICAEW Business Development team will support you every step of the way and you will gain access to a number of great benefits.
To find out more please visit icaew.com/growyourbusiness or contact the ICAEW Business Development team at firstname.lastname@example.org or on 01908 248094.
In any event, I highly recommend employers in England take advantage of their funds before they are reclaimed in May.