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I did not find any info about using UK or US spelling and terminology. Will my article get rejected for using the Queen's English, i.e colour, pavement (sidewalk) so to speak? Secondly what is the purpose of the Pen name? Although I have given myself one, my bio uses my real name - I'm confused!

As far as I know, you can use either US or UK English as long as it's consistent.

Some authors use a different pen name for different markets, like one name for writing fiction and one name for writing non-fiction. My pen name here is DM Gutierrez, though I always put my byline in my articles as Debbi Miller Gutierrez. It's best to put whatever you want your byline to be in your uploaded document so the buyer knows what to print if he buys usage or unique rights only. Like this:

Article Title

By Your Name

Article content............

Hope this helps!