Accounting for law firms, consultancies, architects, and professional practices including time billing, disbursement tracking, and client account compliance.
Professional services firms (consulting, agencies, design studios) deal with WIP, partner-vs-employee structures, and client retainer revenue recognition. Westfin handles LLP accounting, partner tax, and IR35 for associate consultants.
The reliefs, schemes and risks that consistently apply in this sector — with HMRC source links so you can verify everything we say.
LLPs are tax-transparent — partners taxed personally on their share of profit. Salaried member rules can reclassify junior LLP members as employees.
Reference (gov.uk)Professional services WIP must be recognised under FRS 102 Section 23 at fair value of work completed — not at billing date.
Reference (gov.uk)Associate consultants via their Ltd Co are inside IR35 if the engager controls how, when and where they work. £10m+ engagers must determine status.
Reference (gov.uk)Time and billing tracking
Work-in-progress valuations
Disbursement recovery
Client account regulations (SRA)
Revenue recognition on projects
Partner profit allocations
Practice management software integration
Automated time billing
WIP reporting and invoicing
Client account reconciliation
Revenue recognition compliance
Partnership profit distribution
Time and billing integration
WIP and unbilled revenue tracking
Disbursement accounting
Client account compliance (law firms)
Revenue recognition (IFRS 15 / FRS 102)
Partnership accounts and tax
Speak to our Professional Services accounting specialists today