SIC Codes Demystified?
- SIC Codes stand for – Standard Industrial Classification.
- These codes in United Kingdom SIC e used as a framework for classifying business activities based.
- They are always identified by numeric order, codes.
- SIC codes in the UK were established in 1948.
- There have been various revisions to the system over the years.
- The current system is UK SIC 2007.
- UK SIC code is a five-digit Standard Industrial Classification code.
What are they used for?
- SIC codes are split into trade groups:
- Designated A to U.
- There are specific codes for particular lines of business under those groups.
- They are used by:
- Office for National Statistics
- Companies House
- HM Revenue & Customs.
- Used to identify and group businesses by the sort of products and services they supply.
When are they used?
- SIC code must be provided during formation of the company at Companies House.
- At least one SIC code must be provided to describe what the business does.
- Even if the Company is dormant (inactive/not trading).
- It is possible to choose up to four SIC codes if required.
- SIC codes must also be confirmed or updated (whichever applies) each year on the Confirmation Statement.
- SIC codes, along with other key company details, will be displayed on public record at Companies House.
- SIC Codes are used as part of the VAT registration process by HM Revenue & Customs.
- It requires that a different process be identified for VAT purposes.