AIBU to consider taking voluntary redundancy?

[Richlinn]

I have been offered the chance of voluntary redundancy with a proposed payoff of £40,000. My dilemma is - My partner does not want me to take it as I have a 'nice' job - no stress, 35 hour working week etc. He is concerned (probably) because any other job I get will involve a big reduction in pay and realistically I still have 15 - 20 years left to work. My current pay is just over £20k.
I have an idea for my own company and have toyed with this idea for a few years. It could be the kick up the bum I need to go ahead and start this. Partner -again- very negative regarding this, but is vewing his opinions as being realistic.
So, do I stay in my job or go? All opinions very welcome.

Ok - so when you say 'a little money could be made from it' are we talking about covering costs and a couple of hundred quid a month or are we talking about enough to cover 'your' share of the bills and money to live on (ie near enough what you are earning now?). I'm a bit confused as to how much of an income you feel you could earn though this business/hobby.

How likely are you to be offered VR again in the next 12 months?

Chipping - As with anything, I cannot really say how much money I will make. My idea - along with everyone else - who starts up their own business will be to start small then expand. However, my driving force is not to make enormous amounts of money (although that would be great) but to do something I really enjoy and will make a difference.
I imagine that there's a good chance of VR being offered again in 12 months.

Any chance you could find another employer who would accept you working on the side and take the redundancy if it is still available?

Could still be the best of both worlds.

Can you adjust your plans for a business so that you can reasonably expect it will eventually bring in c. £20k per annum, while still retaining the aspects that appeal to you? i.e. can you make it more commercial in some way?

I think if there is a very good chance of it being offered again in the next 12 months I would leave it this time and save like mad, start working on your own business (they really can't stop you having a 'hobby') and start working on convincing your DH it's a good idea.

I know you can't say how much money you will make, but if the hobby is say 'knitting' you can be pretty sure you will never sustain a living doing it, if it is say 'web designing' then you have a good shot at making a living from it.

Let us know what you decide :)

The first 30k is indeed tax free. You will have a good financial cushion and I think you should take the opportunity. If it doesn't work out you can always get another job

I agree with geekette It sounds like a win-win situation

Yes, first £30k is tax free. Chipping - vol redundancy was offered 12 months ago as well - I didn't take it that time and have since saved like mad, that's why I have £8k in the bank at this time. My idea is not a hobby per se, but I enjoy it so much it could be. Sorry, I would say more but I feel better keeping my idea to myself until after I leave my current employer.

Although I think there is a good chance that the same offer will be made in 12 months, this is the second time I have had this offer (first offer 12 months ago).

What a wonderful situation to be in, I hope I find myself in similar in approx. 12 months time. :)

I know I can take the money and do something 'sensible', but I want to start my own business and if it fails well, 'tis only money.

The thought of working for the same arseholes I currently do in another 10 years makes my soul weep.

Until my VR comes up (I'll be on ml part of 2012) I'm doing as many 'useful' courses as I can get my employer to pay for. Thank you for paying for Harvard you cocks! ;)

Could you ask if you could accept but in a few months time? If you want to accept the offer then doing so just after the new financial year could minimise tax.

OddBoots - That is a fantastic suggestion and one I would never have thought of. Unfortunately, I cannot see my employer going for it but that will not stop me trying.
Thank you.