Arr .. but .. there are no RN regulations permitting vertical braid at the cuffs. (I would guess we are looking at 1897-1910 regs here). The regs call the usual rings "lace", gold braid to non-tailors like me. The key thing is every last man in the maritime world knew these were to be applied as rings around the sleeve. To be clear, those are not RN rank indicators.
Potentially some local significance ("best in class", "most senior dockyard chippy") but that would be a real stretch against regulations.
Setting that weirdness aside for a mo ...
----
The style of jacket is entirely consistent with RN, and coastguard etc. And of course with any number of nautical civilian orgs and companies who took RN as their fashion leader. And any amount of ex-RN men who went to a civvy job and used their old togs with rank stripped and buttons (probably) changed.
if he were RN, we can say that the eight-button layout is consistent only with an officer. That would include Warrant Officer ranks, but not petty officers. Officers of course get rings, or collar tabs for midshipmen/cadets. So, to the exception ...
I've seen in 1897 regs that two of the then three types of W/O (Boatswain and Gunner) are given a ring at the cuff. Significantly, the Carpenter is not included there. Interpretation is that he doesn't get a ring, and we seem to have photo proof of that in the posed photo of the three pipe-smoking W/O.
So our photo man could be a Carpenter by his buttons-and-no-ring combination. Carpenter, whose job is essentially caring for the fabric of the ship, would be a likely career path for a dockyard man.
But only if his buttons and cap badge are RN of course. I'm unconvinced by the crown-only reading of that, but it's a bigger stretch still to make it into the W/Os expected anchor with oak leaves and crown topper.
More but - a W/O comes up from the lower ratings, via petty officer, and would be a man of 15-20 years experience. Our fellow looks too young?
We must remember that Navy family links add confusion when we look at old census records; words like carpenter, shipwright, blacksmith we recognise as skills/trades for civilians or sailors/dockyard types. But for RN they are also specific ranks. An RN Carpenter in the ironclad navy may not have much history of woodworking; a woodworking sailor may hold some other rank; a dockyard chippy may be a civilian or not. What would these guys write on various forms? "depends"
It'd be nice to make this man into one of the navy family, but we're not there yet. Pinning the cap badge down would be a huge step.
----
I'm confident now this photo is NOT the eventual Fleet Paymaster. To get to those lofty heights, he would have to sign up as Cadet or Assistant Clerk, embryo officers with eight buttons indeed but with collar tabs or cuff ring; nor is the photo any rank inbetween.