At the moment I have a silver Yamaha RBX??? (You see it was my brothers, and he has never told me - he doesnt live at home now). It's around £190-220 i believe. The bass I'm interested in is a Ibanez SR500/505 (£329 on the internet, £399 in a shop). Now, I'm new to all this (I've been playing since Christmas-ish) and was wondering if:

I should be wondering about a new bass
If the Ibanez would be a better bass

Thanks in advance,
if u want a new bass, and u have the money, then go for it. as to which bass would be better, i suggest either taking both to a shop and trying them on the same amp, or trying the new one out at the sop and deciding for urself.
its really up to you. if youve only been playing for less than a year id keep saving your money and buying something better when youre better. maybe like a fender jazz or a higher end ibanez. that way youll be happier and its not like you need a new bass right now since you havent been playing for too long.
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That Ibanez would blow the Yamaha away. Ibanez makes a solid all-around bass
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That's a pretty good Ibanez, but I'd suggest waiting and going all out with a high end Fender, Warwick, or Musicman

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just play what you have for now until youve saved some money, then get a fender p bass or whatever suits you fancy