How i’m supporting IR35 reform at a leading investment manager
Grayce Analyst, Lucile Fiorentino shares how she's supporting a leading investment manager to conduct its IR35 contractor assessments ahead of April's IR35 legalisation reforms in the private sector.
My IR35 project
I’m a Project Analyst for the IR35 project team at a leading investment manager. The aim of this project is to assess the IR35 status of all contractors to ensure my client is fully prepared and compliant for the tax legislation in April. My role within this project is to ensure the IR35 assessment process, from start to finish, runs smoothly.
This project will make sure that my client is fully compliant to the IR35 tax legislation. Each individual case needs to be carefully reviewed to ensure all contractors have been assessed accurately and in the event of an audit from HMRC, my client can show they have taken reasonable care for each individual case.
This role entails a high range of responsibilities and can be extremely busy, but is only needed for three months every year. I think it’s the flexibility and the ensured quality that Grayce can provide which is attractive to my client.
My role as a Project Analyst
As the only Analyst within the team, my role has been highly varied during the project timeline. After each project milestone my responsibilities & day-to-day tasks experience a significant switch. For example, in the early phases of the project there was a strong focus on preparing training materials and communicating clearly to a diverse audience.
Conversely, my current day-to-day focus is on ensuring the delivery of insightful data analysis, managing the queries and expectations of a range of stakeholders, and monitoring the progress of assessments. This requires greater attention-to-detail and vigilance.
Skills for success
Focusing on different soft and technical skills throughout the project has allowed me to continuously develop. To complete all the assessments, we use an IR35 assessment tool. This tool has been fundamental to upload, track, and extract all relevant data to this project. I also use Excel to explore further data insights and manage data more efficiently.
An ability to manage expectations, be empathetic, and communicate clearly has been essential to this role. The nature of the project, both in its implications to tax and tight deadlines, can evoke an array of reactions. This project has taught me the importance of remaining calm under pressure and being insightful to the needs of others. This style of communication has had the ability to transform conversations and increase the efficiency and satisfaction with each stakeholder interaction. Some of these tips were part of my LinkedIn Learning courses and they have been invaluable throughout the project phases!
On client site, I make sure I soak up all I can. During meetings I make sure I’m actively present, prepared, and ready to ask questions. This has helped me gain important industry-specific knowledge, and develop my ability to give meaningful input during the project.
I also use LinkedIn Learning & YouTube when I’m developing new technical skills. Investing time to learn software can make a huge difference in terms of efficiency further down the line!
What I value about the Grayce Community
I value the opportunity to get involved with so many different things! I’ve really enjoyed being part of the Wellness at Work initiative, along with the LGBTQ+ and Sex and Gender Teams of EveryOneEmpowered. Every week, we get together and continuously try to improve Grayce for everyone. I love these initiatives; the teams have already achieved so much, and I feel very passionate and excited to be part of their continuous growth and development. The teams are wonderful to work with; we focus on real issues and practical solutions through which we can improve the everyday of everyone at Grayce.
Grayce Analysts are kind, hardworking & helpful. From day one I’ve been surrounded by people I feel supported and inspired by. In my interview process, I was told there was a supportive, inclusive culture, but it wasn’t until I started that I understood how true this was! No matter if I have a question or need encouragement or help with a challenge, the support and kindness shown at Grayce has been consistent.