My wife has been contracting (oil and gas) all her life and wouldn't change a thing, go for it. We have two kids who know nothing different so it doesn't bother them but what they do know is that without her job we wouldn't have what we do and whenever we want anything we get it. Too many stories of people missing out when they could of gone and took a little risk. Your wife has a good job so like us there is always a solid base at home. As for the tax!!!! Get a good accountant and go Ltd Company and it isn't a problem.
If in 6 months or even a year down the line you get laid off think how you will feel, go for it.
Quality of life is much better when you have money, no worries, can buy whatever, whenever you want. I work in a public office job and the amount of people there who are struggling now is scary so you have to do it, go on you know it!!!!!