When you start up your limited company, there are various administrative tasks you need to complete, such as registering with Companies House, creating Articles of Association, and appointing a director. Another essential task involves registering your Company SIC code.
As the owner of a limited company, you need to make sure that your business SIC code is correct and kept up to date. In our article below, we will guide you through everything you need to know about Standard Industrial Classification (SIC) codes as a Limited company owner. From answering “What is the SIC Code UK?” to how to find SIC code lists. So, let’s begin.
What is the SIC Code in the UK?
A SIC Code is a Standard Industrial Classification that you need when forming a limited company. This five-digit code represents the type of economic activity your Ltd company will undertake. A SIC code ensures that official data and records are updated with the correct information about your business.
You will need to provide your company SIC number UK to Companies House when you register your company. As well as ensure they are up to date when you file your annual confirmation statement.
History of the SIC Code
The SIC code was first introduced in the UK during 1948 and has been continually revised over the decades. The most recent revision took place in 2007 to fit the new requirements of the global economy as well as the growing information technology and service sectors.
There are currently over 600 Standard Industrial Classification codes, which are split into 21 different industry categories. Your business must assign at least one applicable SIC number UK when it is registered with Companie House.
SIC codes will continue to be updated over the years as economies, sectors and industries continue to change and grow. For this reason, it is essential to make sure you keep up to date with revisions and ensure your registered company SIC numbers are still the most accurate and correct.
How to Find SIC Codes for Your Ltd – What is the SIC Code?
Your limited company needs to register at least one SIC code applicable to the business you undertake. However, you can register up to four SIC codes relating to specialist goods, services, and trades your company engages in. Here are the key steps to finding the SIC code for your company:
- Determine your Primary Business Activities: Note down the primary business activities your company engages in to help you pick the correct code.
- Check the SIC Codes on the Companies House Website: The Companies House website lists all of the available UK SIC codes. You can use the search function to find codes related to your business and services.
- Do You Need Multiple Codes: Determine whether your company activities are covered by one company SIC number or if you need to use several codes to cover the activities your business engages in.
- Double-Check and Review Your Codes: Before you register your SIC number UK, double-check to ensure that the codes you have selected are the most accurate representation of your business.
What is the SIC Code Data Used For?
The code you register with Companies House will be used to help monitor the economy and create accurate statistics regarding business trends and sector growth. This data can help governments and other official bodies to understand the current economic conditions and work to make improvements according to business trends.
However, the code you select can also be used by lenders and insurance underwriters to assess business and industry performance. So, ensuring you choose accurate SIC number UK codes that properly represent your activities is essential.
Can I Change my LTD SIC Code?
It is possible to change your company SIC number if you have registered the wrong code or need to make changes as your business develops. All you need to do is decide what is the SIC code that is most accuarate for your company and then report this code when you make your next Companies House confirmation statement. If you want to make the change to your SIC number UK code immediately, you can also file an early confirmation statement.
