If you realise that your company's SIC code is wrong after you set up your company, or your main business activities change after the company formation process you should look into having this updated.
What is a SIC code?
A Standard industrial classification code (SIC code) is a five-digit business code which describes a company’s economic activities and business services. These codes help the Office for National Statistics (ONS) track the state and growth of United Kingdom (UK) companies. The condensed UK SIC code list maintained by Companies House is available on the gov.uk website. A private limited company (the most popular type) can have multiple SIC codes. Dormant companies and non-trading companies are also required to have a SIC code.
Implications of using the wrong SIC code
Having the wrong SIC code does not incur any penalties from the government however it will be factually incorrect and may cause unforeseeable problems down the line therefore it's better to have your SIC code updated with companies house.
Why you should keep information up to date
Keeping your information updated will ensure that anyone wishing to do business with your company has the most up-to-date information possible. If a stakeholder looks up your business on companies house and the SIC code is incorrect, it can lead to confusion about you business. This can lead to lost business or even raise suspicion with authorities.
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Changing your SIC code
If you provided the incorrect code when you registered your business or if your primary business activities changed after company creation, you can clarify your new SIC code when you next submit a confirmation statement to companies house. If you urgently need to update your SIC code, you can submit a confirmation statement early.
Confirmation statement
It is a legal requirement to file an annual confirmation statement (previously known as an annual return) every 12 months. The statment confirms whether information such as the office address, company directors, company's SIC code, share capital and shareholders is correct.
Filling your confirmation statement with companies house
You can file a confirmation statement on companies house if your private company has one shareholder, between 1 and 5 officers and less than 5 persons with significant control (PSC). Otherwise you will have to use the Webfiling service.
Fees
The fee to submit a confirmation statement is £13.
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The opinions on this page are for general information purposes only and do not constitute legal advice on which you should rely.