Brought to you by
tax cloud

Tax Cloud is an R&D Tax Credits claim portal.

Save content
Have you found this content useful? Use the button above to save it to your profile.

Could your practice benefit from an apprentice?

12th Aug 2022
Brought to you by
tax cloud

Tax Cloud is an R&D Tax Credits claim portal.

Save content
Have you found this content useful? Use the button above to save it to your profile.

For anyone over the age of 16, an apprenticeship presents the opportunity to learn a profession in a very “hands on” way. Many people wrongly believe it’s something that only school or college leavers between 16 and 18 can embark on, but that’s not actually the case. In fact, anyone of any age can do an apprenticeship, with 713,000 people participating between 2020 and 2021 alone.

Apprentices gain the skills and knowledge in a classroom environment as well as having practical experience in the workplace. Apprenticeship programmes tend to last for between one and five years, depending on the course, the industry and the employer.

Who are apprenticeships aimed at?

Apprentices must spend a minimum of 50% of their working hours in the workplace during the course of their apprenticeship. They are not allowed to be in full-time education.

Employers may offer apprenticeships to people who have never worked for the company before, or offer one to an existing employee to broaden their skills. This is particularly useful when a specific job role or niche needs to be filled which the current talent pool doesn’t cater for.

So with that in mind, let’s look at the specific benefits an apprentice could bring to your accounting practice.

Apprentices bring new skills

Businesses always need fresh new talent and accountancy practices are certainly no different. But recruiting the exact member of staff for the job, with the right experience and knowledge, and be incredibly difficult.

However, as apprentices follow modules that match the job role they’re being trained for, such courses are a great way for learners to hit the ground running. This also cuts down the training they will likely need, bringing less disruption to daily operations. Yes, an apprentice may not have all the practical industry experience needed yet. But what they lack in experience they tend to make up with fresh new perspectives and ideas that can benefit your practice hugely. A new set of eyes, if you like, that can help your business grow and move forward.

Many apprentices also come with additional skills you may not even have considered. This includes strong IT and social media knowledge for example that again brings real value to the business.

Apprentices cost less than fully trained employees

Hiring skilled, experienced staff is a costly process. However, the lower costs involved in training an apprentice can often be a good way forward financially. This leaves resources in the pot that your firm can plough into other things, boosting productivity and efficiency. Overall, training and developing apprentices is cheaper.

Apprentices often stay loyal

Apprentices often become a valued part of the team, especially as you can shape and mould them into the role you need them to fill. They also understand the culture and ethos of your company, with many then staying on to become full time employees.

Never underestimate the loyalty and dedication this can bring. Many apprentices will (hopefully) appreciate the time and resource your practice has invested in them, and in return they invest in you back.

Apprentices are often very motivated

Younger people especially are often very keen to prove their worth in the industry they wish to work in, and want to be there to learn. There’s (again, hopefully) and element of gratitude from them, bringing a fresh injection of enthusiasm into the team. This can do wonders for productivity.

Apprentices improve team diversity

Over time it’s very easy to always recruit the same kinds of people into your business which can lead to a fairly shallow gene pool. This is especially the case if you tend to use the same recruitment agency all the time.

Apprentices come from all different backgrounds, cultures and walks of life, which makes hiring one a great way to diversify your workforce. Some are straight out of school while others are further along in life and looking for a change of career. There is still plenty to be done in improving the accessibility of apprenticeships, but they are an important way of representing minority backgrounds and wider society.

In fact, 33% of employers say that apprenticeships have created better workforce diversity. This can only be a good thing.

The business can claim funding towards the cost

The government has long incentivised businesses to take on apprentices and offers financial help with their training, assessment and other costs. The amount your practice can claim depends on whether it pays the apprenticeship levy or not. This payment applies to employers with a pay bill exceeding £3 million each year.

Further information about apprenticeship funding is available on the Employing an apprentice page of the Gov.uk website.

Are you ready to expand the services your practice offers with the Tax Cloud portal?

The R&D Tax Credits scheme is a huge motivator when it comes to UK company innovation. A generous tax relief offering up to 33% of eligible R&D costs back (either as a CT tax rebate or a cash payment), Tax Cloud allows accountants to make a successful claim on their clients’ behalf. It’s the perfect way to expand the range of services your firm offers, without increasing overheads. There’s even a generous partner programme on offer too, allowing up to 30% as a revenue share.

Find out why accountants across the UK are using Tax Cloud for R&D tax relief claims or call our team on 020 7360 4437. You’re also welcome to drop us a message and we’ll get right back to you.