You can find your SIC code for limited liability companies in the condensed list of SIC codes available online at Companies House. This is a compact version of the complete list of the United Kingdom Standard Industrial Classification 2007, available from the Office for National Statistics. To find your SIC code for a limited liability company, you need to search the compressed list to find the most suitable business description and the relevant SIC code for your business. While the list is long, it`s not exhaustive, so you may need to use more than one limited liability SIC code to describe what your business does. However, you should pay attention to the use of multiple SIC codes for real estate activities. This can sometimes be a challenge for HMRC, mortgage lenders and other financial service providers when all activities are carried out by one company. In such cases, we strongly recommend that you seek advice and assistance from an accountant before submitting requests to third parties. If your organization uses an old SIC code from the previous 2003 code version, you must search the SIC conversion table to find the 2007 equivalent. You must then include the new codes on your next confirmation statement and on any future submissions. The first two digits of the revised coding system indicate the major industry group of a company. The third digit represents the subsector of the enterprise; the fourth digit represents the industry group; and the fifth digit indicates the particular industry in which a company operates.
The last sixth digit indicates the specific national sector of a company. The SIC code is a four-digit classification system that starts with the general characteristics of a company and then works down to details. The first two digits of the code indicate the main industry group of a business. The third and fourth digits show the extended industry group and the industrial sector, respectively. You can only use the SIC codes from the short list when bidding to Companies House, including your business formation application and annual confirmation statements. Otherwise, your submissions may be rejected. Specifying the wrong SIC code is usually not a problem as it is a quick and easy mistake that can be fixed. You can change your SIC code for limited liability companies when you submit your next confirmation statement, or you can change it immediately by updating your last filed confirmation statement. Some trade names are very specific, such as “growing grapes” and “plastering”, while some terms are more general, such as “other business support services n.e.c.” or “physical wellness activities”. How easy it is to find the most suitable SIC code really depends on what your business is doing, so you may need to spend some time going through the code list. Dormant companies and non-commercial companies have specific codes. If your business is inactive (i.e.
He does not trade and does not have important accounting transactions passing through his books), you must use SIC code 99999. If your company is not in negotiation (i.e. He does not do business, but still has some transactions that go through his books), you must use the SIC code 74990. You must provide at least one SIC code for limited liability companies during the incorporation process, even if your company is inactive or non-traded. Most people find that an SIC code is sufficient for their business. However, you can use up to four SIC codes if your business activities are diverse or complex and cannot be described with a single code. NAICS classified establishments (workplaces) according to their main output, rather than classifying them with the largest enterprise or organization to which the institution belonged. This provides more accurate information on establishments and employee activities than the ITC system, but has somewhat altered the meaning of the classifications, making some time series difficult to keep accurate. Fort and Klimek (2016) found using longitudinal establishment data that moving from SIC to NAICS classified many workers differently from NAICS by industry or sector, including reclassifying some from manufacturing to services.
[4] [5] Each company has a primary SIC code indicating its main sector of activity. The first two digits of the SIC code identify the main industry group, the third digit identifies the industry group and the fourth digit identifies the specific sector. The main NAICS code assigned to a business depends on its largest source of revenue in the past year. An SIC code for limited liability companies or Standard Industrial Classification code is a unique five-digit sequence that represents a particular economic activity. Where a new UK company is incorporated into Companies House, at least one SIC code must be used to describe the type of trade carried out by the company. The SIC code for a facility, that is, a workplace with a U.S. address, was determined by the industry that is appropriate for all of the largest product lines of the company or organization to which the branch belonged. The latest NAICS classification system has a different concept and categorizes institutions according to the respective edition. [4] [5] Each company will have a main SIC code.
This figure indicates the main sector of activity of a company. What determines the main SIC code of a company is the definition of the code, which generates the highest turnover for that company in a given location in the last year. The SIC code assigned to an enterprise was determined by the size of the largest product lines produced by an enterprise or the parent organization to which the enterprise belongs. Although the NAICS (North American Industry Classification System) code replaced the SIC code in 1997, some government departments and agencies continued to use the classification code to assign businesses to specific industries. Companies House, in particular, uses SIC codes for limited liability companies to track the number of UK-registered companies operating in various sectors. This helps Companies House identify emerging trends, monitor the health of different industrial sectors and understand the changing economic landscape in the UK. To find out how a business is classified, visit the Business and Financial Information section of the Business Library for links to useful resources, including links to the following suggested resources. SIC codes are particularly important for lenders and insurance insurers, as a company`s activities play a crucial role in the decision-making process. Providing false information can result in funding applications being denied and insurance policies becoming invalid. The Standard Industrial Classification (SIC) is a classification system that uses a four-digit code to classify a firm`s primary industry according to the firm`s highest revenue category. SIC was founded in the United States in the late 1930s and focused on American companies. The North American Industry Classification System (NAICS) was introduced in 1997.
NAICS codes are used to classify businesses in the United States, as well as Canada and Mexico, as well as industries not previously covered by the SIC system. SIC – www.sec.gov/info/edgar/siccodes.htm for a code list or to search for a company in EDGAR applications. The company`s SIC data is listed with the credentials. The Securities and Exchange Commission (SEC) is a major government agency that regulates the markets. The SEC always uses SIC codes. SIC codes are listed in the electronic files of a company`s data collection, analysis and retrieval system (called EDGAR) to indicate the company`s sector of activity. A four-digit classification system that classifies industries according to business activities The Standard Industrial Classification (SIC) is a four-digit classification system for industry. It was founded in 1937 in the United States and is used by government agencies to classify industrial areas.
The SIC system is also used by agencies in other countries, such as Companies House of the United Kingdom. [1] Note: We do not provide technical support for developing or debugging scripted upload processes.