Every year you need to ensure that your business details are kept up to date. Business address, director address and secretary information are just some of the details you need to update yearly. Another small, but very important piece of information is your businesses' Standard Industrial Classification (SIC) code. In this article we will discuss what an SIC code is and how you can change yours.
An SIC code is used to identify and classify the main activities of your business - what your business does. When first forming your limited company, it is a requirement that you provide a suitable SIC code for your business to be categorised in. A full list of these codes can be found on the Companies house website. Your business can be categorised under a maximum of for four codes.
An SIC code provides Companies house and other government bodies a detailed understanding about the businesses within the UK.
As previously mentioned, it is a requirement that you provide companies house with updated information about your business and the SIC codes which it falls under. As your business develops, you may begin to expand into various business activities which you did not predict or register your business under. In either scenario you will be required to update your SIC code(s) by the end of your business year, which is when your annual confirmation statement is due (previously known as annual return).
If you registered your company between 2003 and 2007, you may be using incorrect SIC codes for your business. In 2007 Companies house released an updated list of the SIC codes for UK business. It is important you check that your business is categorised under the correct one(s). As mentioned previously, you can find the updated list on the Companies house website.
The list of SIC codes on Companies house is comprised of hundreds of different entries, so finding the right one(s) for your business may be challenging and time consuming. Each category of business activity has various sub-categories which your business can full under. When looking for the right SIC code(s) for you, we advise you first look for the code which best represents the industry (or industries) your business is in. You will then have to be more specific by select the correct sub categories which best represent your business.
At PNG Formations we help assist our new clients select the right SIC codes for their business. For our already established business clients, we ensure to keep them up to date which any changes in the SIC code list and assist them in changing it. If you are due to file your annual confirmation statement or want to change your SIC code, you can contact one of our experts at PNG Formations here today.