Renew vehicle tax by March 31 to save money

Martin Lewis has a warning for electric car owners. Starting on April 1, they will face new Vehicle Excise Duty (VED) fees. This change means that all electric vehicles registered after 2017 will have to pay a standard tax of £195. Some owners will also need to pay an additional £425 if their car is valued over £40,000. Lewis suggests that drivers should act quickly. He advised electric car owners to renew their vehicle tax by March 31 to save money. By doing this now, they can avoid the new fees for another year. This can be done even if their current tax has not yet expired. In a post on social media, Lewis explained how to take advantage of this opportunity. Many social media users thanked him for the advice. One user with multiple electric vehicles said, "Thanks for the tip. I’m now the boss’s favorite money saver." Lewis also mentioned that the director of his show followed the advice and benefited from it. He emphasized the importance of acting fast to avoid paying new taxes.