Expert Urges Electric Vehicle Owners to Act Now and Avoid New Tax
Financial expert Martin Lewis has issued an urgent call to action for electric vehicle (EV) owners, highlighting a strategy to postpone the newly introduced vehicle tax. In a social media post on platform X, Lewis directed followers to a clip from his ITV program, the Martin Lewis Show, where he detailed the advantageous tip.
Deadline Looms for Tax Exemption
Lewis explained that while electric vehicles will soon be subject to road tax, typically around £200 annually starting April 1st, owners can preemptively avoid this charge for a year. He advised immediate action, stating:
“Do you possess an electric vehicle? If so, you will soon be required to pay vehicle excise duty, usually £200 per year from April 1st. However, by visiting GOV.UK promptly and re-taxing your vehicle while it is currently free, you can secure another year without taxation.”
Capitalize on Tax-Free Renewal Regardless of Expiry Date
Crucially, Lewis emphasized that this tax-free renewal is applicable regardless of when the vehicle was last taxed.
“This action is beneficial even if your current tax period is not expiring soon, even if you taxed it only recently. Therefore, irrespective of your tax expiry date, if you are an electric vehicle proprietor, proceed to tax it now to extend your tax-exempt period,” he urged.
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Social Media Praises Expert’s Money-Saving Advice
Social media users swiftly commended Lewis for disseminating the advantageous advice, with numerous individuals confirming they had already benefited from the tip. Examples include:
- @AlisonLacey3: “We operate 5 EVs at our workplace; thank you for the advice. I am now the management’s favored cost-saver.”
- @cocoxy31: “I have just completed mine and gained an additional 5 months! Thank you.”
- @kimnffckim: “Appreciations! Forwarded this to my sister, who processed both of their vehicles this morning.”
- @cabbagepatch66: “Our household has 2 EVs, and we have already undertaken this. Many thanks for the pointer, Martin!”
Some Question Tax Policy
However, not all responses were purely appreciative. One user, @Pete_Bassist, suggested a revision of the tax policy, remarking: “They should eliminate this loophole. EVs are heavier and inflict greater road damage compared to lighter petrol vehicles, hence should incur higher taxation.”
Show Director Also Benefits from Tax Tip
Highlighting the widespread applicability of his advice, Lewis recounted that even the director of his program had already utilized the renewal method to bypass the forthcoming charges.
Lewis recounted humorously: “My director, Richard, is informing me that due to our program featuring this around six weeks prior, he has already executed it, and it is indeed effective.”