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HMRC internal manual

Corporate Intangibles Research and Development Manual

R&D tax relief: accountancy: revised accounts

FRS18 requires accounting policies to be reviewed regularly and changed when a new accounting policy is judged to be more appropriate than the existing policy. This may result in prior year adjustments appearing in current accounts. FRS3 may also give rise to prior year adjustments but only where:

  • it is discovered that the prior financial statements included a fundamental error, or
  • a new accounting policy is preferable because it will give a fairer presentation of the result and financial position of the reporting entity.

Section 454 Companies Act 2006 allows a voluntary revision of the accounts filed at Companies House if it appears to the directors of a company that the annual accounts of the company, did not comply with the requirements of the Companies Act, including the requirement to accord with GAAP.

If revised accounts have been filed with Companies House HMRC should normally accept the revised accounts.

HMRC officers with questions concerning accountancy should consult their local Revenue Accountant.