Martin Lewis Advises EV Owners on Tax Savings
Consumer expert Martin Lewis has shared some important advice for electric vehicle (EV) owners who have been enjoying a tax exemption until April 2025. EV owners have been exempt from paying vehicle excise duty, but this benefit is set to end soon. However, Martin Lewis has revealed a way for drivers to potentially delay paying the tax for an additional year.
The key factor in determining whether you can take advantage of this saving is the registration date of your vehicle. If your EV was registered before March 31, 2017, you will be required to pay £20 annually. For vehicles registered between April 1, 2017, and March 31, 2025, the annual tax amount is £195. Any EV registered after April 1, 2025, will have to pay £10 in the first year and then £195 annually.
According to advice on the MoneySavingExpert website, EV owners need to ensure they continue to tax their vehicles, despite the tax exemption. For those whose EVs were first registered on or after April 1, 2017, it is recommended to re-tax the vehicle in March 2025 (before April 1, 2025). By doing this, the deadline for paying tax on the EV can be pushed back to the next renewal date in March 2026, assuming renewal takes place in March 2025.
It is crucial to note that regardless of the expiry month of your EV tax, you can re-tax your vehicle at any time using the registration number and reference number on your V5C Registration certificate (logbook) in your name. The process is straightforward on the Government website, where you will be prompted to confirm your decision to re-tax the vehicle.
This update from Martin Lewis provides valuable information for EV owners looking to maximise their tax savings and make informed decisions about their vehicles. By understanding the nuances of vehicle tax regulations and deadlines, drivers can potentially benefit from additional savings and financial planning opportunities.
As the landscape of EV ownership evolves, staying informed about changes in tax policies and incentives can help drivers navigate the financial aspects of owning and operating electric vehicles. Martin Lewis continues to provide expert advice and insights to help consumers make savvy decisions in the ever-changing market of electric vehicles.