New to Key?
We are delighted to introduce our contracting partner, My Key Pay. By working together, CER and Key have developed a payroll solution and industry 1st that guarantees to increase our candidate’s take-home pay when compared to PAYE.
What is Key Portfolio?
It is a limited company also known as an ‘umbrella company’ that allows selected temporary workers like you to increase your take-home pay by off-setting legitimate business expenses against income.
Off-setting means you will not be taxed on your legitimate business expenses. We have made it simple for you to document some of the most common expenses such as lunches and mileage on your CER timesheet and for others such as train fares or materials for work, Key has developed a simple claim form. These ‘expenses’ are not amounts that get paid back to you in full. Rather they are deducted from your gross pay before tax and National Insurance calculations are made. This means your deductions are lower, thus increasing your take-home pay.
Although you get paid through Key this does not alter the way that we give you assignments.
Any expenses you do claim must be wholly, necessarily and exclusively incurred in the performance of your duties.
What type of expenses are you allowed to off-set?
HM Revenue & Customs (HMRC) has approved the following allowances offered through Key Portfolio so candidates may be entitled to claim up to £27.50 per day without the need to provide receipts to cover subsistence such as:
Ø £5.00 per day for breakfast (if leaving home before 7am)
Ø £7.50 per day for lunch
Ø £15.00 per day for an evening meal (if away from home for 10 hours or more)
Ø Also £2.00 per week for use of home as office
Candidates may also be entitled to claim for travel expenses as well as a number of other expenses. Receipts may need to be submitted for these claims.
Benefits of using Key Portfolio
The financial benefits are compelling enough but there are other reasons to get paid through Key:
Ø Increase take home pay by off-setting legitimate business expenses
Ø Friendly and professional advice and support
Ø Electronic payment to candidates’ bank account on time, every time
Ø No joining, leaving or renewal fees
Ø Access to a stakeholder pension
Ø Statutory benefits
Are you sure Key Portfolio is legitimate?
Does it all sound to good to be true? Well there’s no catch, no hidden charges and yes Key Portfolio meets all current UK legislation.
Need to know more?
If you have more questions call Key’s Dedicated Client Care Team on 0845 371 0305.
Already Working Through Key?
If you are already benefiting from Key Portfolio you should remember to claim all of your legitimate business expenses to maximise your take-home pay! Use your CER timesheet to claim for breakfast, lunch, evening meal and use of home as office and mileage, where appropriate. Your timesheet should be posted to CER on Fridays.
IMPORTANT! Don’t forget to submit Expense Claim Form 2 along with all supporting receipts to Key on Fridays to claim your receipted expenses.
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