Lloyds TSB to make tax returns less taxing

Lloyds TSB has launched a new service designed to take the hassle out of completing tax returns. The comprehensive service which is available online, over the phone and by mail includes a review of a customer’s individual tax position and preparation of annual tax returns.

Customers can choose from three levels of service depending on the complexity of their needs:

Online (£99): suitable for people who are either employed or retired with up to ten different sources of investment income.

Standard (£199): ideal for those who are receiving rental income or receiving income from abroad.

Complex (£249): suitable for people who are receiving rental income from a number of properties, those who are self-employed and individuals who aren’t considered to be resident for UK tax purposes.

Lloyds TSB is the only high street bank to offer an online service available at lloydstsbtax.com.

Around 9 million people have to complete tax returns every year and of these, nearly half (44 per cent) complete the forms without any professional guidance. As a result, 32 per cent of forms submitted contain errors.

Jacqueline Pateman-Jones, Head of Wealth Protection, Wealth Management, Lloyds TSB said: “Tax returns can be a real headache. Not only are they time consuming but they can also be quite intimidating. Having expert support takes the stress out of the whole process and provides valuable peace of mind. By using the Lloyds TSB tax service, customers will know that their return will be completed accurately, delivered on time and they won’t pay a penny more than they owe.”

The new tax service is currently available to Platinum and Premier current account holders but Lloyds TSB will be rolling out the service to all customers at the beginning of next year.