HIRE AN APPRENTICE AND RECEIVE UP TO £4,000
Any employer hiring new apprentices from 1st April 2021 will be eligible for extended cash bonuses of up to £4,000. Until 30 September 2021, grants of £3,000 per new hire, regardless of the apprentice’s age, will be distributed from the Treasury. This is on top of the £1,000 payment provided for new apprentices aged 16 to 18 and those under 25 with an Education, Health and Care Plan, meaning that some employers could receive £4,000 in total.
|AGE OF APPRENTICE||CURRENT INCENTIVE||BRAND NEW INCENTIVE||TOTAL AMOUNT PAID TO YOU|
*for apprentices aged 19-24 who have an education or care plan, this is boosted to £4,000
Employers are not allowed to use it against existing apprentices but they can use it against an existing apprentice who has been made redundant by another employer, which allows employers to access a wider talent pool.
Apprenticeship financial incentives were first introduced by Chancellor, Rishi Sunak in August and were supposed to run until the end of March. This 6-month extension will be welcomed by lots of employers – including us! Talented people are not always easy to find and by ‘growing your own’ you are ensuring that you always have the right staff to meet your needs – and you are supporting young people by giving them work experience and new skills.
Here are the key points employers need to know to be able to claim for employing apprentices:
- The apprenticeship recruitment incentive is £3000 for EACH apprentice an employer recruits, regardless of age.
- The incentives are payable for NEW apprentices not existing staff moving to an apprenticeship.
- The payments are IN ADDITION to the existing £1000 incentive paid when an employer recruits a 16 to 18-year-old (or someone under the age of 25 with an education, health and care plan or who has been in the care of their local authority) – a total of £4000.
- Apprentices must be recruited between 1st April – 30th September 2021.
- Employers must have a digital service account to claim.
If you’d like to learn more about apprenticeships or even talk to our own apprentices, Abby and Callum, give us a call on 01992 444466 or Hertfordshire Regional College are on hand to help too.
We are here to help support and grow your business by giving you access to experienced accountants and useful information no matter your business size or sector.
Please feel free to contact the team on 01992 444466. We’re accountants for business and we’re here to help you grow.
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The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any errors or omission or for any person acting on or refraining from acting on the information provided in the above