MyPay UK - MyExpenses

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MyPay - the contractor’s choice

Whether it’s quick access to your money, the ability to offset your genuine business expenses, or the high level of service that comes from having your own personal Account Manager. MyPay provides all of these services, plus many more. Making MyPay the modern day choice for today’s contractor.

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MyExpenses

As part of the MyPay service we are always looking to enable our members to maximise their earnings, whilst ensuring that we keep you legal. The best way to gain tax efficiency is by offsetting your genuine business expenses against both your tax and National Insurance Contributions. Through this service you can look to substantially increase the amount of money you take home.

The expenses you can offset are broken down into the following categories:
Travel Expenses
Daily Subsistence
Overnight Accommodation
Telephone Expenses
Professional Memberships
Training
Stationery
Eyesight Tests
Any other Expenses

Travel Expenses

One of the major expenses we incur can be the travelling to and from a place of work, especially if that place is a long distance from where we live. However with MyPay you are able to offset this as a business expense.

If you are using your own car, motorbike or even a pedal cycle you can offset up to 40p, 24p, 20p per mile, respectively.

If you are using public transport such as trains, taxi, bus etc. you can offset the full cost you have incurred.

Also if you do need to rent a car this can also be offset for anything up to 3 months.

Daily Subsistence

Although it may not sound a lot on a daily basis, the food and drink we pay for throughout a day can actually mount up, especially over a year. So MyPay will allow you to offset the price of your lunch as a business expense.

This will also include the cost of breakfast if you leave early in the morning and the cost of an evening meal if you stay late or overnight.

Overnight Accommodation

For people working away from home a major expense can be the cost of overnight accommodation and this can really start eating into the money you earn. However using MyPay you can offset this expense making it cost effective for our members.

If you are staying inside the M25 you can claim up to £110 per night
If you are staying outside the M25 you can claim up to £90 per night

Even if you stay with a friend or family member you can offset up to £25 a night to cover this cost.

Telephone Expenses

If during your contract you are using your personal mobile phone or landline for business calls than you can offset this as a business expense.

Professional Memberships

As we all know, being a member of a professional body can be important both in doing your role and to enhance your career. So if you are a member of a professional body this can be classed as a business expense.

To check the list of HMRC recognised organisations please click here (www.hmrc.gov.uk/list3/list3.pdf)

Stationery

If you are using your home as an office or even providing your own stationery for your job the costs of envelopes, stamps can start to add up. However with MyPay you can offset this expense.

Eyesight Tests

As most of us use Visual Display Equipment in our role it is important to ensure that our eyes are regularly tested. MyPay will allow you to offset up to £15 a year to cover these costs.

Any Other Expenses

If you have any other expenses that have not been included within our guide, or you have any questions regarding our expense policy, please contact us on 0161 442 4842 or This e-mail address is being protected from spam bots, you need JavaScript enabled to view it where we will be happy to help.