All your personal tax
matters, taken care of
A guide to our Personal Tax Service
The Royal Bank of Scotland plc. Registered in Scotland Number 90312.
Registered office: 36 St Andrew Square, Edinburgh EH2 2YB.
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Taking care of tax for you
Managing your own tax affairs can
prove a real challenge, especially
if your finances are complex. Our
dedicated Personal Tax Service
will do the hard work for you,
helping you stay on top of tax.
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06
08
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Our Private Banking team
Helping you stay on top of your tax
How our Personal Tax Service works
Useful information on tax
Find out more
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Becoming a Private customer
RBS Private is available to all customers with
a sole income of over £100,000 (or joint income
of £150,000) paid into your RBS account or savings
of over £50,000 held with us.
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Our Private Banking team
Our Private Banking team has the experience
and expertise to provide you with a professional
tax service, fully tailored to your individual
circumstances.
At the centre of the team is your Private Banking
Manager. Their role is to understand your financial
needs. Because they know you and your financial
circumstances, your Private Banking Manager will be
able to assess your tax-related needs and introduce
you to the RBS Personal Tax Service team.
Following this you will be appointed with a tax
specialist whose goal is to save you time and worry
by managing your UK tax affairs for you.
The RBS Personal
Tax Service has been
established for over
95 years – helping our
customers with their
tax affairs.
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Helping you stay on top of your tax
Our team of tax specialists will help make sure your tax affairs are in order and you are paying the
correct amount. As part of the service, they will always check to see that you benefit from all relevant
tax allowances and reliefs, including unused allowances from previous years.
Our Personal Tax Service will:
complete your tax returns and claim forms
accurately and submit them on time;
check that tax codes, calculations and demands are
all accurate;
manage all the paperwork and make sure you’re
paying the right tax at the right time;
deal directly with HM Revenue & Customs (HMRC)
on your behalf;
give you prior warning of a large tax demand;
guide you through the tax implications of any
changes in your life;
deal with any other issues that may complicate
your tax situation, such as retirement; and
keep you informed on a regular basis.
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Giving you the right advice at the right time
The great advantage of our Personal Tax Service is that
once you’re set up, you can speak directly to one of our
tax specialists when you need advice on a tax matter.
If you need help with tax, our tax specialists are here
for you.
For example, they can help you:
bring your tax affairs up to date if you have fallen
into arrears;
respond to a larger than expected tax demand or
statement of account;
determine the tax treatment of a second home or
let property;
ensure your UK and foreign investment income is
correctly reported; and
calculate capital gains or losses arising from the
sale of chargeable assets.
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Our team of tax specialists will
take care of your tax affairs
for you, including submitting
returns on time and dealing
with HMRC on your behalf.
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How our Personal Tax Service works
Starting the process
Speak to your Private
Banking Manager
The first step is to contact your Private
Banking Manager, who’ll arrange for you
to discuss your requirements with one
of our tax specialists.
A member of the Personal Tax Service team will
explain the service, our terms and conditions,
the fee structure and how we can help you. We
charge for each tax return or claim and review,
with rates for individuals and couples. Details of
our terms and conditions can be found on a
separate sheet inserted inside the back cover of
this brochure.
If you agree to our terms and conditions, you
then sign up to the service. At this point you
will also be appointed a Personal Tax
Specialist who will contact you and ask for all
the relevant tax documents they will require
to complete your tax affairs. You can also
contact him or her if you have any tax
concerns or queries.
The ongoing process
Discuss your needs with
the tax specialist
Identify and assess your
individual requirements
Establish your tax
situation
Prepare Revenue
documentation
Personal Tax Service
Provide you with ongoing
help and advice
Deal with HMRC
Calculate your tax position
Important information
Tax reliefs and other matters referred to are those
available under current legislation. Please be aware that
this may change in the future, and their availability and
value will depend on your individual circumstances.
Many sources of income, such as bank and building
society interest, have tax deducted at source, while
others pay gross – including National Savings products
and Government bonds (such as gilt investments).
You have to notify HMRC of a new source of income.
If no tax return is issued, tax on a new source of income
is due by 5 October following the end of the tax year.
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The standard minimum fees are as follows.
Additional costs may be charged depending
on the complexity of the case:
£375 + VAT for an individual.
£540 + VAT for a husband and wife.
£275 + VAT for a Repayment Claim or Annual Review.
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Useful information on tax
Did you know?
Unfortunately, many UK taxpayers who file their
tax returns make errors.
Not everyone has to complete a tax return, but if
you are self-employed, a company director or
receive income from property, you will almost
certainly have to.
HMRC do sometimes make mistakes, for example,
with tax codes, which can result in underpayment
or overpayment of tax.
Tax return deadlines and penalties
There are different dates for sending back paper and
online tax returns, known as filing dates.
Paper tax return – this must be received by HMRC by
31 October following the end of the tax year.
Online tax return – this must be received by HMRC by
31 January following the end of the tax year.
Penalties for late filing of a tax return
1 day late – A fixed penalty of £100. This applies
even if you have no tax to pay or have paid the tax
you owe.
3 months late – £10 for each following day – up to
a 90 day maximum of £900. This is as well as the
fixed penalty above.
6 months late – £300 or 5% of the tax due,
whichever is the higher. This is as well as the
penalties above.
12 months late – £300 or 5% of the tax due,
whichever is the higher. In serious cases you may
be asked to pay up to 100% of the tax due instead.
These are as well as the penalties above.
Example
Mrs A’s tax return is due on 31 January but HMRC don’t
receive it until the following August. It is over six months
late so she will have to pay all of the following:
– £100 fixed penalty;
– £900 penalty – this is £10 each day from 1 May
to 29 July, when the maximum 90 day penalty
is reached; and
– £300 or 5% of the tax due – whichever is higher.
Tax team tip
At the start of every tax year, we recommend you
check your tax code on your payslips. If it has changed
contact HMRC for further details or contact the
Personal Tax Service.
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Find out more
To find out more about how the RBS Personal
Tax Service can help you stay on top of your
tax requirements, please speak to your Private
Banking Manager or call 0845 303 0600.
We may record calls.
If you have a hearing or speech impairment,
please call us using Minicom on 0845 900 5960.
You can also find out more at
rbs.co.uk/private
Joining RBS Private
If you are not already an RBS Private customer,
please call us on 0800 051 9955, ask at your
local RBS branch or visit rbs.co.uk/private
If you have a hearing or speech impairment,
please call us using Minicom on 0800 404 6160.
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All your personal tax
matters, taken care of
A guide to our Personal Tax Service
The Royal Bank of Scotland plc. Registered in Scotland Number 90312.
Registered office: 36 St Andrew Square, Edinburgh EH2 2YB.
RBS PTS001 March 2013
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