Should I leave my job to set up in practice?
My apologies in advance for the lengthy writing, I need to outline my current thoughts.
I am considering leaving my current job to set up a practice working from home. In the medium term this is where I want to be, I want to be my own boss and I am extremely happy with the decision. In the short term I am unsure as to whether now is the best time.
I am currently in secure paid employment for a decent salary, halfway through a one year contract which I expect to be renewed. I am on a three month notice period. The problem is that I don't particularly enjoy my job and believe that my time would be far better spent working on my practice.
I have mainly worked as a management accountant and there is a lot I need to learn in order to become a good accountant in practice. I am currently working through this by reading this and other forums, internet research, working on friends/families accounts etc. However, I have to do this in my free time and I believe I could do a much better job if I was spending all my time on this. I also expect marketing to take up a significant amount of time in my first two years.
I don't want to deceive my employer by combining both jobs but I have the typical accountant's risk-averse outlook on taking a big step into the unknown and wonder whether I should build up my client base first before handing in my notice.
I would appreciate any advice, particularly from people who have set up recently themselves.
- No Tax Returns submitted for last 16 years 1,012 24
- Pricing 306 10
- Late VAT registration penalty 227 5
- Partially exempt? 216 7
- Mexican student in UK 87 1
- Dividend in specie 174 3
- VAT on imports and the Flat Rate Scheme for VAT 138 7
- Lorry Drivers 92 1
- VAT 110 2
- QuickBooks, Xero, FreeAgent and ClearBooks 830 18
- Twenty signs your practice is bad at tax 599 7
- Rental Income Tax Planning 199 3
- Vat 76 2
- Auto-Enrolment 3,814 184
- Method for filing 2013/14 payroll? 119 2
- Incorporation Relief 122 2
- First VAT Visit for client 137 2
- Accounting Practice acting as an employment agency 249 11
- capital gains on PPR 1,441 21
- cost of moving out for a few weeks 327 9
- Skandia using wrong address 470
- Does anyone use PS Financials accounting software out there? 272
- FHL, period of grace and Entrepreneur's relief 266
- Employee rewards 256
- Legislation access for part-time sole practitioner? 216
- Rental Property W&T And Equipment 212
- EPS Analysis - Change to EURO 209
- Gift of reversion and lease into trust by two different people - later PPR 196
- Etax Australian 165
- Annual Management Charge Rebates and Self Assessment Tax Return 155