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Any implications of changing SIC code on co house

We currently have an SIC code that could do with updating

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The SIC code we currently have doesn't really seem to match what we do. Having said that, the list of codes is fairly esoteric.

We can make the change on our annual return - but I just wonder if there are any implications anywhere else - do we have to advise HMRC ref VAT etc?

We are not changing to anything interesting like dealing in fuel oils or alcohol etc.

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By lionofludesch
09th Nov 2019 10:16

If it's corrective you don't need to tell anyone.

I had one this year where the company was getting forms to fill in from the Statistics Office about banking - interest paid and received, rounded to the nearest £100000. It turned out that the director had chosen "Factoring" as the SIC code. Actually, they bought and sold batteries.

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Replying to lionofludesch:
By SteveOH
09th Nov 2019 12:03

Clients eh??? Can't live with them; can't live without them!!!

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09th Nov 2019 13:53

Nobody but government statisticians looks at or cares about these codes. Changing it will be no problem. HMRC don't need to be told.

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By Roland195
11th Nov 2019 10:13

I have an idea that SIC codes can factor into credit ratings but is unlikely to make a massive difference

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Replying to Roland195:
By Payroll Pete
14th Nov 2019 12:07

Lenders definitely check them.

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Replying to Payroll Pete:
By awoodj
14th Nov 2019 12:51

Agreed, I have seen mortgage lenders stipulate a certain SIC code

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