SIC code

[Romario]

Hi,

I was a contractor until a few years ago with retained earnings - around £60K.

This currently sits in a business savings account and I draw a few grand a year in dividends.

When I stopped contracting I changed my SIC code to dormant. The bank is now saying it will close the account unless I change the SIC code (which can't be dormant or non-trading).

I don't want to close the account as it provides a few grand a year in interest. I'm happy to change the SIC code, as is my accountant. However, what do I change it to? Just go back to what it was when I was contracting or is there a more relevant code?

Thanks for your help.

[ladymuck]

What did your accountant suggest?

I'd just set it to something generic like 62090

[Maslins]

This thread perhaps demonstrates a common misunderstanding of "dormant". You not actively contracting via your company for a period of time doesn't make the company dormant. Dormant is for companies literally doing nothing, for years on end. No interest received, not looking for work, nothing.

I wouldn't get too bogged down in SIC codes, indeed I'm surprised your bank noticed to query this with you. Don't worry too much about what you pick, just don't pick anything daft (eg "forestry") or that has fairly strict legal meaning (eg "dormant"). I'd probably put it back to what it was before.