Motorists with electric vehicles (EVs) face a potential £195 increase in car tax when new regulations come into effect in April. However, by renewing their vehicle tax before April 2025, EV owners can delay paying the increased tax for another year.
Motorists have the opportunity to avoid a £195 increase in car tax by taking a simple action before April. As car tax regulations change under the Labour Party government in April, owners of electric vehicles (EVs) will be subject to the same car tax as drivers of petrol and diesel vehicles, which could result in an annual cost of around £195.
However, if you renew your vehicle tax before April 2025, you could avoid paying Vehicle Excise Duty (VED) for another year, potentially saving yourself £195 or more. Jonathan Such, from the car finance company First Response Finance, commented: 'Until now, one of the major benefits of owning an electric vehicle has been the financial incentives that come with them.' He highlighted one of the key advantages, stating: 'One of the main ones being Vehicle Excise Duty (VED) exemption.' Jonathan further advised: 'Getting in there early means you'll delay the deadline for paying tax on your EV to when it's next due for renewal. This will be in March 2026, assuming you renew in March 2025.' He added: 'It is simple to do, and you can re-tax it at any time on the Government website, using your registration number and the reference number on your V5C Registration Certificate (logbook). This simple step could make a real difference as millions of drivers start facing these additional costs', reports Birmingham Live. 'Whether you're looking at financing your next car or managing your current costs, small savings like this can really add up.'According to Martin Lewis' Money Saving Expert, if your electric vehicle was first registered on or after 1 April 2017, it's advisable to re-tax it in March 2025. You can do this at any point before 1 April 2025, but renewing in March will maximize your savings. By doing so, you'll delay your first road tax payment until March 2026, when it's next due for renewal. It doesn't matter when your current tax expires - you can re-tax your EV at any time using your car's registration number and the reference number from your V5C registration certificate (logbook) in your name
ELECTRIC VEHICLES CAR TAX TAX HIKES VEHICLE EXCISE DUTY GOVERNMENT REGULATIONS
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Avoid £195 EV Tax Hike: Renew Your Vehicle Tax EarlyElectric vehicle (EV) owners can potentially avoid a £195 annual tax increase by renewing their vehicle tax before April 2025, according to a motoring expert. The change in VED rules comes into effect on April 1, 2025, when EVs will be subject to the same tax as petrol and diesel vehicles. By renewing their tax before the deadline, EV owners can delay the payment of the new rate for an extra year.
Read more »
EV Owners Can Avoid £195 Tax Rise With Simple TrickA motoring expert has revealed a strategy for electric vehicle (EV) owners to potentially avoid a planned £195 tax increase. By renewing their vehicle tax before April 2025, EV owners can delay paying the new tax for an extra year.
Read more »
Drivers can avoid £195 car tax hit by taking action before deadlineThe way car tax is calculated for electric vehicles is changing in April - but there's a way to avoid paying almost £200 by acting now
Read more »
LookFantastic's 'With Love' Valentine's Edit: A £195 Beauty Bundle for £50Get ready to treat yourself (or your bestie!) to LookFantastic's stunning 'With Love' Valentine's Edit, a limited-edition beauty bundle packed with six luxurious products from top brands, valued at £195, all for just £50. This incredible deal includes bath and body oils, face masks, moisturizer, blush, mascara, and a perfume mist, offering a head-to-toe pampering experience. Don't miss out on this amazing opportunity to indulge in some self-care.
Read more »
Labour intensifies push for growth to avoid ‘disastrous’ tax risesPunishing week on bond markets ends with UK government borrowing costs significantly higher
Read more »
Drivers facing £1,807 car tax rise in April told to act nowFrom the start of the new tax year in April, a new set rates will be introduced, with the first-year rate on cars calculated on an emissions basis
Read more »