by mishmash on Tue Jan 10, 2006 3:50 am
I am about to complete my company's first annual return and have to choose a SIC code to describe the companies principle business activities.
Is it important from a tax point of view what I choose - will my company be compared with others in the sector to determine if its out of the ordinary and warrents an investigation for example.
Nothing fits perfectly so I'm considering going for "other business activities" 7487, is there any reason I should do that over my alternative option of picking two or three of the others which fit reasonably closely and perhaps are representative.
There's not much guidence at Companies house
http://www.companieshouse.gov.uk/about/gbhtml/gba2.shtml#sic
And the companies act just says the return has to include "the type of company it is and its principal business activities;"
Does that indicate it's not very important?