Setting up Accountancy Practice - possible?

[silverflora]

I am in my mid 50s and my kids are nearly at secondary school age - and I am thinking of setting up a small business - going back to work isn't feasible because of my age.

I was thinking of setting up a small accountancy practice or perhaps specialising in tax - which I have always enjoyed. Trouble is, I haven't worked for 11 years, and qualified in 1990, from then always working in large companies doing commercial work.

My questions are - how best to get up to speed with current accountancy practice - and would setting up a business after this be feasible? Any comments gratefully received.

Thanks - Silverflora

[MyAccountantOnline]

I am in my mid 50s and my kids are nearly at secondary school age - and I am thinking of setting up a small business - going back to work isn't feasible because of my age.

I was thinking of setting up a small accountancy practice or perhaps specialising in tax - which I have always enjoyed. Trouble is, I haven't worked for 11 years, and qualified in 1990, from then always working in large companies doing commercial work.

My questions are - how best to get up to speed with current accountancy practice - and would setting up a business after this be feasible? Any comments gratefully received.

Thanks - Silverflora

You would have a HUGE learning curve to set up your own accountancy practice after being out of the profession for so long, and if you are looking to act for small businesses in all honesty I think you'd really struggle.

I mean no disrespect but many people see it as an easy option and it isnt.

I have been an accountant for years and truly without my professional qualifications and practice experience I can not image how on earth I'd cope with the real world of running a practice.

I have also seen at first hand the mess people can get into trying to do it without experience.

Could you not at least consider a part-time role working for a small practice maybe doing accounts prep work and tax work to at least get a feel for what you need to do?

Alos bear in mind the requirements of your professional body with regard to practising certificates etc.

[nmprobinson]

Why not try sub-contracting to local accountants first? Learn the ropes again and then in 12-24 months who knows!!

[Intervene Solution]

Voluntary Work. Accounting advice for new businesses.

[bbbbb]

Can only agree with Nicola. To be honest I think in your scenario it would be a step too far

[David Griffiths]

The original poster hasn't been on the forum since posting the question nearly six months ago.

[Batra Ventures UK Limited]

The original poster hasn't been on the forum since posting the question nearly six months ago.

+1 Dont understand why people dig up the old posts which are no longer useful.

Dont think OP would still be waiting for answers six months later.

[bbbbb]

The original poster hasn't been on the forum since posting the question nearly six months ago.

Oops. That will teach me to look at the date on the previous posts and not just the last one :redface:

[wizzard]

+1 Dont understand why people dig up the old posts which are no longer useful.

Dont think OP would still be waiting for answers six months later.

Possibly because the person who replied only joined this month and has only one post and didn't realise the date of the last reply?