Back to the future - did last year's forecasts come true?

So how did the accountancy sages fare when it came to predicting last year’s developments? Despite a year of significant steps towards limited liability partnerships, the profession’s gurus correctly forecast no UK legislative reform in 1996. Instead, they predicted a ‘boom’ for Jersey LLPs – now almost reality, but then little more than a legislative dream. Only Clark Whitehill thought the Government would introduce mainland reform in 1996.

Others expected to see more firms following KPMG’s lead and incorporating in 1996 – moves that failed to materialise. Most firms are waiting to see the results of the Government’s white paper.

1996 was set to yield significant growth in specialist areas, while traditional areas struggled, claimed the experts. Litigation support, IT consultancy, insolvency and corporate finance were earmarked for major growth by the experts. Fee income figures out later this year will reveal the true picture.

Firms were busy preparing for a Labour government ‘within 12 months’ this time last year, with talk of major tax changes, particularly in the anti-avoidance field. But it seems the Chancellor has already trumped the Opposition with November’s Budget proposals.

The profession was split when it came to regulatory developments. Some plumped for more layered and onerous regulations, with others seeing the development of a truly independent regulatory structure. So what did we see? The profession’s apparently harmonious plans for creating a new collective regulatory watchdog didn’t quite come off. When the six institutes represented got together to publish their proposals, it was anything but a collective response. Rather an almighty bust-up as CIMA rubbished plans to move the APB as a separate entity under the control of the Review Board.

Both sides have now issued separate and diametrically opposed consultation documents.

January shadow Chancellor Gordon Brown makes his first policy speech of the year

31 January first payments on account due under self-assessment

March the Government issues its white paper on mainland limited liability partnerships

1 March Part VI 1993 Charities Act Accounting & Reporting regulations takes effect

March/April new Inland Revenue publicity campaign

7 April self-assessment forms go out to 8.5 million taxpayers, and collywobbles begin

1 May Local elections and the date said to be most favoured by John Major for the General Election

31 May employers receive P60 forms detailing pay, tax and National Insurance for the year

June the Hampel committee on corporate governance due to issue interim report

6 July deadline for returning P11D/P9D (employee benefit forms) to the Revenue

31 July second payment on account for 1996/7 due from taxpayers

22 August newly qualified results released from July exams

September Revenue publicity campaign; the ASB releases the revised Statement of Principles

30 September deadline for self-assessment returns, last minute dash for taxpayers wanting the Inland Revenue to work out their liability … and the Revenue plans announcement on relaxing the penalty regime

January 1998 final deadline for 1996/97 returns for taxpayers working out their own liability – the problems really start

March 1998 IASC and IOSC deadline for achieving a core set of standards.