When forming your limited company you will have noticed the Standard Industrial Classification code (or SIC code), which represents the type of business or industry your business identifies with. This is also part of the information that makes up the Confirmation Statement, the annual filing obligation required by Companies House (the UK’s registrar of companies).
The SIC code 82990 (‘Other business support services activities not elsewhere categorised’) is a common code used at the time of incorporation as some people are unsure what suits them best at this stage.
Previously, when it came to the Confirmation Statement, the SIC code would stay the same as the one provided at incorporation, but more recently there has been a shift in changing the 82990 code to a more suitable code in order to prevent fraudulent activities (more on this below). Therefore in Confirmation Statements we process from now on, we have been advised by HMRC no longer use 82990 and instead change it to the Dormant Company SIC code (99999) unless otherwise instructed.
What’s wrong with 82990?
Anyone using the 82990 code could be seen as high risk by HMRC’s Anti-Money Laundering (AML) team which means certified due diligence may need to be requested. To avoid this inconvenience, find one that suits your company and advise us accordingly so that we can change this on the Confirmation Statement application before submitting.
What does this mean when we file your Confirmation Statement?
If you have a Confirmation Statement service with us, we will let you know via email once we have prepared it. If you still have the 82990 SIC code we will automatically change this to 99999 and then send you your Confirmation Statement to review. If you’re happy with your company being classified as a Dormant Company (and everything else in the Confirmation Statement) you can ‘accept’ the Statement.
If you would like to change your SIC code we ask that you ‘reject’ what we have prepared – a text box prompt will then appear so you can let us know what you would prefer instead.
If you prepare your own Confirmation Statement using our DIY service we recommend that you choose a suitable code other than 82990 wherever possible to avoid future problems.
We hope this article has been helpful, but let us know if you should have any questions and we’d be happy to advise. In the meantime, you can always check out our Support section for quick answers.