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Mitch Hahn
CEO - Nordens
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More Than Just Accountants
At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.
Get in touch today to discover how Nordens can revolutionize your business.
Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
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Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
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Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
Get In Touch
02085300720
enquiries@nordens.co.uk
The Retreat, 406 Roding Lane South, Woodford Green, IG8 8EY
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It has come to our attention that a massive 69,543 of eligible SMEs in England have yet to claim for the government Coronavirus grants announced back in March! Unfortunately, that is bound to include a few of you, who could definitely benefit from these grants.
With the deadline for grant applications fast approaching, it is imperative that businesses that need support and are yet to claim, assess their financial situation and if needed submit their claim urgently. While there has been much confusion in the past with regards to eligibility, now is the last opportunity for businesses to find out if they are eligible and how much funding they could apply for.
Until earlier this month, an SME was classed as an ‘undertaking in difficulty’ if by deducting accumulated losses from its reserves it was left with a negative amount greater than half of its subscribed share capital, as at December 2019. Any SME classified in this way was barred from accessing CBILS, although SMEs less than three years old were exempt from this rule. The rule was untenable as it left many good businesses, which regular banks would usually have helped based on their own lending criteria, unable to access much-needed funds.
The amendment means that smaller businesses with fewer than 50 employees and less than £9,000,000 in annual turnover and/or annual balance sheet will not be considered undertakings in difficulty unless they are (a) subject to collective insolvency procedure under national law, or (b) in receipt of rescue aid (which has not been repaid) or restructuring aid (and are still subject to a restructuring plan). Read our article on the changes in full HERE to find out more.
Did you know that out of the top twenty, 75% of local authorities paying out the most are in London? Don’t miss out.
The government have approved for accredited lenders to be given an extra two months to consider applications for finance under the coronavirus business interruption loans scheme (CBILS). The scheme was due to end on September 30th but calls for an extension mean an extra two months to process and approve applications has been allowed, pushing the end date back to November 30th. Banking trade body UK Finance said the update “provides welcome clarity for businesses and should help give more firms the chance to access the finance they need.”
Following the recent EU changes in State Aid Law relating to the ‘undertaking in difficulty’ test for businesses, the British Business Bank has amended its Coronavirus Business Interruption Loan Scheme. The amendment means that smaller businesses with fewer than 50 employees and less than £9,000,000 in annual turnover and/or annual balance sheet will not be considered undertakings in difficulty unless they are (a) subject to collective insolvency procedure under national law, or (b) in receipt of rescue aid (which has not been repaid) or restructuring aid (and are still subject to a restructuring plan).
If you wish to apply for the “Bounce Back Loan” you will need to speak with your bank to begin the process. Providers are mainly only accepting (or prioritising) existing customers first. Check out our other Nordens article on the Bounce Back Loan Scheme to find a full list of bank providers, as well as their application forms HERE.
Should you need assistance with determining your turnover or you would like more information on how to attain these loans, contact our expert team strategic team on 02085300720 or email businessdevelopment@nordens.co.uk
With the amount of different finance products that are available on the market today, it would completely depend on the reason and needs for the finance requirement.
Firstly – what is the reason for the finance? Different finance facilities are designed specifically for the needs. For example, if you are looking to purchase equipment, plant or a vehicle, then it may be best to look at an asset finance facility. If you are looking for finance as you struggle to collect amounts owed from customers, then an invoice finance facility may be your best solution.
If you mismatch a funding product to your need, it’s likely that it will be expensive and result in higher costs for you. Typically asset finance will work out at a lower cost to you if you purchased equipment than if you were to take out a term loan and use the money to buy the equipment.
The second thing you will need to think about is the time-frame. Whilst certain finance products are specifically designed for the need as mentioned above, there are certain facilities that take longer to get in place than others and therefore depending on your situation, it may be worth getting something in place sooner even if it is not the best product for you. Whilst this is not ideal, in some cases it will allow finance to be secured at a point of need allowing a refinance option down the line.
With help identifying if the need for finance, the timescale of when one is needed as well as the most suitable product, then get in touch with our Strategic or Corporate Finance team at Nordens today on 02085300720 or email businessdevelopment@nordens.co.uk
At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.
Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.
Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.
Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.
Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.
Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.
With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.
Voted as EXCELLENT - 9.9 out of 10 based on 167 reviews
Director - Metro Bank
Nordens are always very easy to deal with and extremely professional and efficient. I would have no hesitation in recommending them to my clients for their accountancy needs, no matter how complex they may be.
Co-Founder - Chicmi Limited
Very good to work with - the team go above and beyond to make the accounts easy and efficient. They're all super friendly and a joy to work with.
Director - Rose Opticians
I have been using Nordens Chartered Accountants for 5 years and very happy with the service provided. All members of the team are very knowledgeable and have a wealth of experience which has proved very beneficial to my organisation
Founder & Director - Physio LDN
Very easy to contact and put me in touch with the right person whenever I need to ask any questions. Extremely knowledgeable and can help me manage my various businesses whenever I need.
Principal - Pauline Quirke Academy
Great accountants, always available to offer advice. The team have transformed my business.
Founder - Dataphone
Having worked with Nordens over the last 5 years, not only to look after my annual accounts but they have also provided outstanding professional advice. They have guided me through a Company share buyback with clear and objective advice. We have also been using Nordens strategic services for a couple of years, which has helped bring about significant improvements that exceeded my expectations. With experience of working with several local accountants over my 29 years in business, I’m very pleased with the service I have received from Nordens.
Director - Linekers
Trusted our business with Nordens for over 10 years now and watched the company grow into the successful innovative business it has become today. Deservedly so. Every aspect of financial advice we need is always given promptly and with a smile. We have total confidence in all aspects of advice Nordens give. If you are looking for accountants, its a no brainer!
Founder - Foundation Sports Limited
A fantastic, modern, vibrant firm that care about the clients and their staff in abundance. It is rare to find an Accountancy firm with such vibrance and focus and relationships. It is no wonder they win award after award in their field.
Managing Director - Prime Time Boilers
I have been with Nordens for many years now and they are a great accountants.
Founder - Vivid Finishes
We have used Nordens for the last 5 years and have had a great service throughout. The guys are very passionate about what they do and have played a part in the growth of our company, highly recommended.
Managing Director - AMD Interior Architecture
Great Service at Nordens from a friendly very approachable team Particularly Kirsty Willis and Joe Sword who have been helping us since we started the business in 2016.
Director - Forma London
Nordens provide a first class service. We moved to Nordens last year and have been impressed with the level of service provided. Keep up the good work!
We've always got our ears to the ground when it comes to interesting, useful and topical information relating to business and accountancy.
We love making videos that break down convoluted accountancy jargon into plain-talking, actionable and accessible facts.
In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.
Mark Norden
Founder
Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). We worry about the bye-laws, regulations and ethical guidelines of the ACCA so you don’t have to! That makes us an ACCA-accredited employer as well as a Professional Passport-accredited one!
At Nordens, we're committed to keeping our clients updated on all things business strategy and news. Each week we update our newsletter subscribers on what really matters in the big bad world of business. That way, you can stay one step ahead!
Call: 0208 530 0720
Email: enquiries@nordens.co.uk
Interested In Nordens? Give us a call on 0208 530 0720 or or request a direct call back anytime between 8:00am to 6:00pm!
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Nordens is a trading name of Nordens Limited, a limited company registered in England under company number 04709951. Our registered office is: The Retreat, 406 Roding Lane South, Woodford Green, Essex, IG8 8EY.
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