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.
- HMRC Dispensation - How long does it last for? 212 3
- Electronically supplied services - B2B 13 1
- CIS and Close Company 58 2
- Correct tax & VAT treatment of local overnight expenses 208 4
- Secondment expenses 139 3
- VAT Option to tax 434 15
- Brain freeze - loss on disposal of company car 95 4
- 24 Month Rule - New Employer 132 1
- Unaudited accounts and an accountant’s certificate of confirmation 78 3
- Is VAT payable on insurance claims received ?? 87 3
- late vat registration and immediate deregistration 127 3
- VAT Registration 318 5
- should Van be included in plant or motor vehicles? 81 2
- Can you declare dividends and not withdraw them 243 6
- PPR qualifying period while living in employer accommodation? 113 3
- How far back can you get dates of property purchases 67 1
- PAYE coding notice - deliberate misstatement 1,252 19
- husband and wife dividends 410 11
- Capital allowance vehicle exchange 152 5
- What is considered an acceptable price for arable farming land 310 6
- Residential Property Purchase Above £750K 903
- Using Sage with Sofa Categories 634
- Free Tax Legislation? 394
- Director Loan account operation 393
- Understanding the implications of January 2015 VAT changes for downloads on threshold for VAT registration 318
- transferring simply accounting 2010 from xp to windows 7 313
- Sage 200 and Access Dimensions reviews 284
- rent-a-room allowance for part of the year 219
- Paye procedures for CVA 217
- HMRC Second Income Campaign - not so much a question as heads up 177