Business category for Quant Analyst

[dkldn]

My account can't help on business category for Quant Analyst when applying for flat rate scheme. Lots of coding is involved, but the main activity is really about financial engineering (mathematical models). Think category 'Financial Service' is more appropriate than 'IT consultancy'. Is anyone familiar with this?

[northernladuk]

But you are not selling financial service so can't see it being that. You are providing consultancy to a Financial client. You can argue it's a form of data processing so would fall under 'Computer and IT consultancy or data processing'?

Someone posted an interesting link about the level of the FRS reflects what you have to do i.e. purchase stuff to sell on, incur certain costs which have been factored in to the level you pay. You don't do any of these. You are just a body providing consultation so would have to pick on that reflects that VAT position? For example, if you were doing Quant Analysis for a farmer you couldn't pick Farming at 6.5% VAT as your model is completely different to a farmer. Whoever explained it last time probably did a much better job of it but hopefully describes why you can't be Financial Services.

[WordIsBond]

It's more than data processing, though.

If you look at the listing here, the things listed under Financial Services don't really match you, do they? You'd have a better case for "Financial Consultancy" I guess, but that's not what you want to hear.

You might be able to argue "business services not listed elsewhere" under "research and development" or "technical testing and analysis".

The best solution is hire a couple people and get your turnover up above the Flat Rate threshold. Then, you don't have to worry about it.

[Alan @ BroomeAffinity]

My account can't help on business category for Quant Analyst when applying for flat rate scheme. Lots of coding is involved, but the main activity is really about financial engineering (mathematical models). Think category 'Financial Service' is more appropriate than 'IT consultancy'. Is anyone familiar with this?

Have you asked any of your colleagues? I'm not sure what a Quant Analyst is but from what i can glean I'd say "computer and IT consultancy".

If financial services was 14.5% and IT 13.5% would you be asking the same question?

[WTFH]

Is a "Quant Analyst" someone who looks at 60's fashion?

What do you do day to day? Not "what is the result of what you do", or "what do other people do with what you do", what do you actually do?

[MrMarkyMark]

FTFY

My account can't help on business category for Quant Analyst when applying for flat rate scheme. Lots of coding is involved, but the main activity is really about financial engineering (mathematical models). Think category 'Financial Service' is more lucrative to me than 'IT consultancy'. Is anyone familiar with this?