This blog is to discuss UK SIC codes beings that more and more recently we have experienced companies either filing under incorrect UK SIC codes within their annual return creating confusion when applying for trade accounts.
Companies House and SIC 2007
The United Kingdom Standard Industrial Classification of Economic Activities (SIC) is used to classify business establishments and other standard units by the type of economic activity in which they are engaged. The new version of these codes (SIC 2007) was adopted by the UK as from 1st January 2008. This Q & A notice explains why we are replacing the SIC 2003 codings with the SIC 2007 codings for companies to use when giving their principal business activity.
1. What is SIC 2007?
It’s the latest version of the Standard Industrial Classification which was last revised in 2003. It’s a numerical classification that Companies House adopted to identify company principal business activities which are required to be stated on the annual return (form AR01) each year. The new classification system was adopted by the UK on 1st January 2008.
2. When did Companies House adopt SIC 2007?
We adopted SIC 2007 from 01 October 2011. Companies are required to change their SIC code to the latest classification (SIC 07) upon filing their annual return with a made up date of 1st October 2011 onwards.
3. What are the changes to Annual Return information required in the Companies Act 2006 (Annual Returns) Regulations 2011?
The new regulations contain changes to shareholder details required on the annual return with made up dates 1st Oct 2011 or later which can be summarised as follows:
For returns made up to 1st October 2011 or later:
a) Companies whose shares have not been at any time admitted to trading on a relevant market must provide a 'full list' of all shareholders on the first annual return following incorporation; and thereafter on every third annual return. Any details of transfers of shares that have taken place during the year will be required for intervening annual returns
b) Companies any of whose shares have been admitted to trading on a relevant market, must provide the names and addresses of shareholders who hold 5% or more of the company’s issued share capital as at the made up date of the return every year. The Regulations remove the requirement for a full list every third year and details of transfers of shares that have taken place to be shown on intervening annual returns
c) Companies any of whose shares have been admitted to trading on a relevant market throughout the return period and who were subject to the Vote Holder and Issuer Notification Rules contained in Chapter 5 of the Disclosure and Transparency Rules source book issued by the Financial Services Authority (DTR5) throughout the return period; shareholder details do not have to be provided. Since September 2010 all major shareholder notifications required under DTR have been available online on the National Storage Mechanism ; this means that there is no longer a significant public interest in Companies House holding historic information on the holdings of major shareholders of companies subject to DTR.
4. Apart from the Annual Return, are there other forms that should be using SIC 2007 after 01 October 2011?
The new SIC 2007 codes should also be used on the following forms; SE FM01, SE FM02, SE FM03, SE FM04, SE FM05, SE TR02, and SE TR03
5. Where can I get more information about SIC 2007?
The website of the Office for National Statistics
Alternatively contact ONS by email: classifications.helpdesk@ons.gov.uk
Please feel free to contact us relating any company filings whatsoever as we can provide up to date hard copy filings direct from Companies House either on a PAYG basis or within packages via www.creditserve.co.uk. 01992 414222
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