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Infinity Contracts - Loan Agreement - Help

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    #21
    I am in the process of settling with HMRC, Still waiting for them to hear back, they tell me they have a huge backlog and it could take some time (many months or so).

    Originally posted by cojak View Post
    No.

    But if you’ve already settled with HMRC and just want shot of it all, tell them you can’t afford £1000 and offer them £200.

    See how quickly they bite your hand off.

    Comment


      #22
      Infinity Contracts - Loan Agreement - Help

      Today I got this email from them: (I am currently in the process with settling to HMRC) My loans are about £1000. Any advice/help - Much Appreciate it - Thanks.

      Email:

      [B]Dear Mr Smith,

      The Infinity Contractor Services Settlement wrote to you in April about retrospective changes in the law and the requirement to declare Infinity as a tax avoidance scheme. All of the content of that letter remains valid and if you have not already done so, you should act on it.

      Permanently resolving the loan problem
      Today, I am writing to you as the director of DOR Resolutions Ltd, a UK-based company. I set up DORR to help trustees in the same position as Infinity to communicate with their borrowers about the loans and to bring matters to a conclusion. My team and I will handle any enquiries you might have about the loans. It is also DORR's responsibility to help the trustees to close their trusts down.

      There are several options that might be of interest to you. These are:

      (a) repay the loans in full
      (b) be released from up to 95% of your loans
      (c) negotiate a lower payment to HMRC

      The rest of this email describes these options in more detail. There is also more information on DORR's web site. If you'd like to see a statement of your loans, DORR has set up an on-line loan statement platform and you can log in here. Please keep this link private because it contains part of the key to accessing your financial information.

      Repayment Options
      Remember, whether you paid all your tax has no bearing on whether the loans are outstanding, even if you paid your tax a long time ago. HMRC might treat a loan as if it were income, but even so, it remains a loan. Unless you repaid your loans, which the trustee's records show that you haven't, then the loans are still outstanding.

      If you're presently settling your use of contractor loans schemes with HMRC, or if you recently settled, HMRC may require you to arrange to be released from your loans. HMRC say you must do this within 30 days of reaching settlement in order to avoid a possible inheritance tax charge. This forces you into option (b) above and restricts how long you can take to pay. Whether you are settling with HMRC or not, your loans are outstanding and you still need to decide what to do about them.

      Repay your loans in full
      If you repay the loans in full, you will receive a deed of exclusion and debt settlement (“DOEDS”), which evidences that you no longer have any obligations to the trust(s). We do not charge a fee if you repay your loans. You can review your deed using our on-line loan statement platform. The deed gives you finality and legal certainty over your relationship with the trustees. This option is likely to be of interest if your outstanding loan is small.

      Be released from your loans
      The trustees are aware that not everyone will be able to repay their loans in full, and are prepared to write off (or “release”) 94% of the total. You would need to repay the remaining 6% of the loans. You can spread the repayment over three, six or twelve monthly instalments but there is 16.7% discount available if you pay all at once. The discount reflects the reduced administration costs for the trustees and means you repay only 5%, with the trustees releasing the remaining 95%.

      ** rewards toyur prompt agreement **

      When the trustees release you from the loans, they will sign a deed of exclusion and release (“DOER”). The DOER satisfies HMRC’s requirement that those settling arrange to be released from the loans. HMRC will only require you to arrange this after reaching settlement, not before, but you can arrange it at any time. You can review your deed using our on-line loan statement platform. Once both you and the trustees have signed, your accounts will be closed, we will hand our records back to the trustees, and you will have no further obligations to the trusts.

      You can still choose to obtain a DOER, even if you have not agreed a settlement with HMRC.

      If you choose to be released from your loans in this way, whether in a single payment or using a repayment plan, DOR Resolutions Ltd charges an administration fee of £ 250 per trust. This covers our costs, including the legal advice we have taken, drafting your deeds and providing your statement. You pay this fee first. We do not provide tax advice, so you should consult a tax adviser before deciding what to do. We do not make payments to HMRC on your behalf.

      If you do nothing, the trustees might start to charge you interest and could take legal steps to recover the debt. They could be forced by a court to do this. You might become liable for inheritance tax at a later date. This might happen on the ten-year anniversary of the establishment of the trust, or if the trust closes, for example.

      Negotiate a lower payment to HMRC
      There is a potential option if you can’t afford to pay. But this option is only available to those in genuine difficulty. It requires that you engage an advisor, which we will help you with. It does not require bankruptcy and means you will only have to pay your creditors, including the trust and HMRC, what you can reasonably afford to pay.

      You may be in a powerful position to negotiate a lower figure with HMRC. If your adviser recommends this option to you, you should end up paying HMRC only as much as you can afford, yet still legally discharge the debt. And, you could typically have up to five years to pay. The total you would pay to discharge all your unsecured debts, including the trust loans, and all associated costs, could be substantially less than you currently owe to HMRC. This option is known as an Individual Voluntary Arrangement. It is likely to be most useful to those with low asset values and outstanding tax bills that are less than one third of the amount owed to the trust(s). You presently owe the trust(s) £1,147.11. We might still be able to help you even if this doesn't apply, but negotiating the agreement with HMRC could be harder. This option is not for the faint of heart, however, and could affect your credit rating. Your adviser will explain what it involves.

      If you're worried and need help
      Don't let this get you down. Support is available. The Loan Charge Action Group is a volunteer-led organisation with members just like you. Over a hundred MPs are also helping people in your situation and are taking action in Parliament. Citizen's Advice and The Samaritans can also help if HMRC's demands, and the content of this letter, are getting on top of you. We have started to donate to The Samaritans regularly.

      I'd like to reassure you that although you're bound to face further costs with all this, DOR Resolutions and the trustees to whom your loans are owed are trying hard to keep these costs to a minimum and to find legal ways to reduce the impact of the retrospective loan charge legislation. That said, it's important to accept that the tax itself cannot be avoided. Don't get tempted to engage in further tax avoidance. Whatever approach you take, you need to make sure you're acting within both the letter and the spirit of the law. The three options contained in this letter all do that.

      The importance of tax advice
      Finally, I must stress the importance of obtaining sound, independent tax advice. DORR doesn't give tax advice and this email doesn't constitute tax advice. You're free to use any firm you choose, but Templeton Brook are familiar with the situation and have handled similar cases to yours before.

      Good luck and best wishes.

      <mod snip>

      Comment


        #23
        Originally posted by snk888 View Post
        My loans are about £1000.
        Really?

        Comment


          #24
          Originally posted by Invisiblehand View Post
          Really?
          Yes

          Comment


            #25
            Originally posted by snk888 View Post
            Yes
            Then settle and get out as soon as you can.
            Best Forum Adviser & Forum Personality of the Year 2018.

            (No, me neither).

            Comment


              #26
              For any BG people reading this thread.

              There are many parts of the letter from DOR and their suggested actions, that we address in a communication we are preparing and which will be on our own forum later this week.

              Please do not take any action before reading that.
              Best Forum Adviser & Forum Personality of the Year 2018.

              (No, me neither).

              Comment


                #27
                Originally posted by snk888 View Post
                Today I got this email from them: (I am currently in the process with settling to HMRC) My loans are about £1000. Any advice/help - Much Appreciate it - Thanks.
                I received the same email today despite agreeing to a DOR/DOES a few months ago. I assume that they're sending the email to everyone on their database regardless of whether those people acted on any of their earlier missives.

                Comment


                  #28
                  Infinity Contractors

                  Here is what I have found out about Infinity Contractor services and how the companies are linked together:

                  1. Infinity Contractor Services Reg: 094500451. Directors David Saull,. Address Winckley square Preston. Stuart Thornhill Ludgate hill London - a mailing address which can be purchased through Capital office City Rd London. Virtual Office London Addresses From GBP7.70/month | Capital Office

                  David Saull jailed for fraud and previously investigated by The Serious Fraud Office. see links:
                  Jail time for 'introducing' accountant - Accountancy Age
                  Jail for fake intermediaries
                  SFO - High-yield investment fraud. Final defendant jailed - Redcat's Boards

                  Stuart Nathan Thornhill also involved with other umbrella companies:
                  Mr Stuart Nathan Thornhill (66 Adventure Ltd) - Director Profile - Endole


                  This lot sent me my pay statements.

                  2. Infinity Contractor Solutions Reg: 11051379. Director Andrew William Thompson 2 Kenilworth Rd, Liverpool (residential), previously Kemp House 152 City Road London EC1V 2NX, again purchased though Capital office, Virtual Office London Addresses From GBP7.70/month | Capital Office.

                  This company sent me a letter stating Retrospective action...and their scheme must be registered under DOTAS (Declaration of tax avoidance schemes system.
                  Also state they have appointed DOR Resolutions to engage with me going forward...blah blah blah...

                  3. DOR Resolutions Limited Reg no: 11910189. Director Our Andrew William Thompson. Registered office address changed from Kemp House City Road London EC1V 2NX England to 2 Kenilworth Road Crosby Liverpool L23 3AD on 30 May 2019.
                  Incorporated March 2019, 1 month before he started approaching all Infinity employee's and advocating them to use the newly established life saver known as DOR Resolutions...

                  The Ludgate hill address is a mailing address which can be purchased through: https://www.companyaddress.co.uk/

                  4. Wisemove Group Ltd. reg no: 10693724. Director Stuart John Walmsley. 2 Empire Way, Burnley, Lancashire, England, BB12 6HA.
                  This lot have acted as agents as have www.darwinmarketing.co.uk.


                  I have email DOR and initially got a response from Anby himself, but the last was simply from Admin.

                  I think the bottom line here is that the loans we not HMRC compliant. The loan contracts will simply not stand in court and all one would have to do is prove that a payment from your agency to the umbrella was made and then those payments will tie in to when they Infinity paid the money into your account. They simply don't have a leg to stand on.

                  Given that David Saull has been previously investigated by the SFO and jailed as a result, I'm sure they'd be interested in what he has been involved with here.
                  Other companies he's involved with are here:

                  https://suite.endole.co.uk/insight/c...-saull-limited

                  Comment


                    #29
                    Infinity Contractors

                    Just joined the group and wanted to share similar situation I had same letter as thread #22
                    Today I have received a text message and also another letter through the post.

                    Should I continue to ignore or make contact although No Phone Numbers.

                    reading all posts there seems mixed messages across the board from ignoring it to trying to settle to be rid of further concern.

                    I haven't contacted HMRC about paying back tax but Infinity have fore mentioned they have passed my details on, am I best making contact first, after three months with Infinity they switched me to a company called Choice, of which after 3 months I pulled out and set up a Ltd. Infinity passed across a lot of info probably breaking data protection as no contact was made with myself informing me of the switch and passing all the info across including passport info.

                    I did contact Wisemove and asked them what they have done with my invoiced Payment, if Infinity are saying they are paying me as a loan that would mean Wisemove are still sat on my Monthly invoiced payment, so they should either be paying Infinity for outstanding payments or vice versa, wish I never got involved with these company's.

                    Comment


                      #30
                      Infinity Loans - help needed

                      Originally posted by Bootneck1664 View Post
                      Just joined the group and wanted to share similar situation I had same letter as thread #22
                      Today I have received a text message and also another letter through the post.

                      Should I continue to ignore or make contact although No Phone Numbers.

                      reading all posts there seems mixed messages across the board from ignoring it to trying to settle to be rid of further concern.

                      I haven't contacted HMRC about paying back tax but Infinity have fore mentioned they have passed my details on, am I best making contact first, after three months with Infinity they switched me to a company called Choice, of which after 3 months I pulled out and set up a Ltd. Infinity passed across a lot of info probably breaking data protection as no contact was made with myself informing me of the switch and passing all the info across including passport info.

                      I did contact Wisemove and asked them what they have done with my invoiced Payment, if Infinity are saying they are paying me as a loan that would mean Wisemove are still sat on my Monthly invoiced payment, so they should either be paying Infinity for outstanding payments or vice versa, wish I never got involved with these company's.
                      I am in the same situation and have had the letters you mentioned. I have emailed them to get a copy of the signed "Loan Agreement" they quote in their letters but not had anything back from them. I cannot ever remember signing or agreeing to anything.

                      I have not done anything with the Infinity Loan side of things like yourself other than to email them back saying I am speaking to HMRC and will be in touch once I can consider my options (not that I know what they are at this point).

                      I don't know what to do or where to go for advice. Hoping other people have gone through the same things or can point us in the right direction.

                      I have emailed HMRC to declare I was temporarily involved in a scheme and gave them the details but I haven't had anything back and that was over 2 months ago.

                      Comment

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