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Standard industrial codes are important to every company. We use them to group and report what establishments do. These codes are split into different classes. Each company must pick those codes that mirror their activities. Once you select your code, Companies House shall use it to determine what your business does. People often ask questions that relate to these codes. To help, we’re going to answer some of them here.
How many codes?
Some ask how many codes they can choose. The majority of companies will need one code. However, there are those businesses that are a bit more complex. These ones require multiple codes. If you’re in this position, four is the limit.
When will I need my code?
Next, we’ll talk about when you’ll require your code. The rules surrounding this topic changed in 2016. These days, you must supply a SIC code when forming your establishment. It will describe your pre-planned activities. Your Companies House applications shall fail if you’re unable to choose a code.
Can you change code?
One final question we’ll answer is if you can change your SIC code. You can do this, and the only way to do so is by filing a confirmation statement. You’re free to file an early statement or file when it’s due. This will be one year and fourteen days following incorporation.
At Brian G Lonis & Co, we serve both personal and business clients. With fees, our firm agrees to each one in advance. Additionally, we provide a 24-hour response time to every enquiry. We appreciate how hard starting a business can be. Luckily we are here to help, offering the best new company formations London can provide.
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