Posting on social media site X, Martin said: “Do you have an Electric Vehicle? Urgent trick to save you cash. Please share with anyone it's relevant for.”

The post shared a clip from ITV’s Martin Lewis Show where the finance guru shared exactly how motorists could take advantage.

Martin said: “Have you got an electric vehicle? If so you will start to pay duty on it, typically £200 a year from April 1.

“But if you go onto GOV.UK now and you re-tax it now while it's free, that will last a year.

“And you can do that even if it isn’t a year since you last taxed it, even if it was two months since you last went and taxed it. 

“So regardless of your expiry, if you’ve got an electric vehicle, go and tax it now and you’ll extend the time which it's tax-free.”

Social media users were quick to praise Martin for sharing the advice with many already enjoying the benefit. 

@AlisonLacey3 posted: “We have 5 EVs at work, thanks for the tip. I’m now the boss’s favourite money saver.”

@cocoxy31 wrote: “I’ve just done mine and got an extra 5 months! Thank you”

@kimnffckim added: “Thank you! Passed on to my Sister who did both their cars this morning.”

@cabbagepatch66 remarked: “We have 2 EVs in our household and we’ve done this. Thanks for the tip Martin!”

@Pete_Bassist said: “They should close this loophole, EV's are heavier and cause more damage than lighter petrol cars so should be taxed more..

In a stroke of luck, Martin even admitted that the director of the show had also taken advantage of the tax renewal to avoid fees. 

Martin laughed: “My director Richard is telling me, because we did it on the show about six weeks ago, he’s done it already and it works.”