Hello All,
My name is Dave and I am new to ICB and just wanted to say a quick Hi to people as this is the first time that I have used this!
I also wanted to pose a question that I have preying on my mind at present. I am currently just about to sit my Level one paper, which is obviously an early stage of the studies. I have previously enrolled at Ideal School for the full career path covering up to Level 3, self aseesment, payroll and small business management. I have worked in a chartered accountancy practice many moons ago and have a reasonable understanding still of double entry etc and am an ACCA finalist so should be able to cover the examinations at a reasonable pace up to Level 3.
My plan was to work through the exams and reduce my employemnt down to part time and set up a practice at the appropriate time - i.e. after all of my papers have been sat.
I have a good job in a major bank - I will be honest about figures here as if anybody that has set up a practice will appreciate likely incomes and difficulties etc... I currently earn circa £35K and have a nice company merc and they are currently seeking staff to volunteer for redundancy. A package would total circa £17.5K which would provide some good working capital to help establish a business but am conscious that would be going from a standing start as have no clients and is a massive gamble to accept and try and establish a practice. I contribute towards my company car, pension etc and the VR package would equate to circa 9 months net pay at present.
I could get through my level two exams pretty quickly if i accept Voultary Redundancy, as would have the time.
My main question after all of this waffle is whether I would be insane to accept the voluntary package - as this is the way that I am leaning. I do not particularly enjoy my current role and wish to work for myself but obviously I have bills etc to pay and need to live. I was hoping that somebody who has been through the process of setting up a practice would be able to give me an honest opinion as to what they would do in my situation as have been there and done it.
At present I am taking the view that although not good timing in terms of my exam position, when else would i have the opportunity to start with that level of cash in the bank to assist the process.
Thanks guys. Any comments/opinions would be sincerely appreciated.
Hope everybody enjoyed the bank hol weekend.
Kind regards
Dave.
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