Ceres Power Holdings (LSE: CWR) has plunged in value by 62% over the past 12 months. I believe investors have been selling the shares due to growth concerns, which seems short-sighted. I think the company has fantastic long-term potential and would be willing to add the shares to my portfolio as a result. 

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New data reveals that the cost of owning an electric car can vary massively depending on where you live.

So which are the areas where it’s cheapest to own an electric vehicle? And which are the most expensive? Let’s explore.

How do electric car costs vary by location?

According to research by British Gas, the cost of charging your car can vary massively depending on where you live. Its data suggests that those living in the south of the UK typically pay 28% more to charge their cars using the cheapest public chargers available than those living in Wales and the north of England.

Those living in the south of England typically pay 32p per kWh to recharge an electric vehicle. This compares to just 25p per kWh paid by those living in Wales and the north of England. 

Despite this disparity, the research highlights how the south of the UK has almost 1,500 more on-street charging points than those living in the north of the country. In other words, if you live in the south of England you have more options to charge your vehicle but you’ll have to pay more to use them!

Which areas have the cheapest electric car charging points?

While we’ve outlined the north-south divide when it comes to electric car charging costs, let’s take a look at which areas offer the cheapest ways to charge your electric car.

Currently, 21 councils across the UK offer totally free electric charging points. So plug your electric car into public charging points in these areas and you’ll pay nothing!

Councils offering free charging points are:

• Arun
• Bracknell Forest
• Bradford
• Bridgend County Borough
• Crawley
• Daventry
• East Riding of Yorkshire
• Hambleton
• Lancaster
• Leeds
• Lichfield
• Lincoln
• Oadby and Wigston
• Southampton
• Staffordshire
• Stevenage
• Stockport
• Swindon
• Tunbridge Wells
• Warrington
• Woking

If you don’t live in any of these areas, and you aren’t able to charge your car at home – perhaps because you don’t have off-street parking – then you’ll have to pay to recharge your motor.

If you live in Bournemouth, Christchurch & Poole or the Cotswolds, then you’ll need to have deep pockets if you have an electric vehicle. That’s because these councils charge motorists £4 per kWh for using their public charging points!

According to British Gas, filling up an average electric car from empty in these areas would cost a whopping £240, based on average battery capacities. This compares to the £3.90 it would cost to charge a car at home.

Harrogate is another area with expensive charging points, with the local council charging up to £3.50 per kWh. Meanwhile, Uttlesford council charges £3.30 per kWh for using its public charging points.

What else did the research reveal?

Expensive charging points are undoubtedly an issue. In fact, 29% of drivers told British Gas researchers that ‘expensive public charging’ was one of the biggest barriers to switching to an electric motor. 

Lucy Simpson, head of EV enablement at British Gas, highlights how this statistic risks leaving drivers behind. She explains: “With 29% of drivers citing expensive public charging as one of the main reasons holding them back, it’s unfair that those who don’t live in areas with either free or low-cost charging are being discriminated against based on their address. If this continues, we risk leaving a huge number of drivers behind in the transition to electric cars.”

Meanwhile, the research also revealed that 42% of drivers said they had concerns about the time it takes to charge an electric car. A further 60% of respondents said there was a ‘lack of information’ on charging points.

This suggests many drivers are keen to know more about the viability of electric cars. Therefore, if the government wishes to ensure a smooth transition to electric vehicles by 2030, it probably has a lot more work to do!

If you’re keen to learn more about the viability of ditching your petrol or diesel car, see our article outlining the real cost of running an electric car. 

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Some offers on The Motley Fool UK site are from our partners — it’s how we make money and keep this site going. But does that impact our ratings? Nope. Our commitment is to you. If a product isn’t any good, our rating will reflect that, or we won’t list it at all. Also, while we aim to feature the best products available, we do not review every product on the market. Learn more here. The statements above are The Motley Fool’s alone and have not been provided or endorsed by bank advertisers. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool UK has recommended Barclays, Hargreaves Lansdown, HSBC Holdings, Lloyds Banking Group, Mastercard, and Tesco.

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As more and more Brits continue to book much-needed holidays, bank challenger Tally has noted that many aren’t keen on foreign exchange (FX) charges and international transaction costs. This has led to UK travellers spending more than they should while overseas. Here’s what you need to know and how you can save your hard-earned money.

What do banks charge for using their cards abroad?

Surprisingly, the research from Tally reveals that 57% of the 2,000 UK adults surveyed didn’t know banks add a margin to the official FX rate. They also weren’t aware that banks charge a transaction fee for using their cards abroad in addition to the margin.

And if that’s not enough, banks will also charge withdrawal fees if the card is used at a cashpoint abroad – and then still add interest on the withdrawal fees.

It’s clear that banks are generating a lot of revenue due to a lack of clarity around foreign exchange charges and international transaction costs.

Cameron Parry, founder and CEO of Tally, explains, “We want to demystify costs for bank customers. It is important that charges are simple and transparent so people can make the best choice when it comes to spending their hard-earned cash when overseas. People can accept a cost for convenience, but no one likes having the wool pulled over their eyes.”

How can you save money when using your card overseas?

Here are four steps you can take to save when whipping out the plastic abroad.

1. Know the official FX rate

You can get this information from the UK’s central bank (the Bank of England) or the central bank of the country you’re visiting. Knowing the official FX rate helps you tell whether your card issuer has marked up the rate.

2. Compare bank accounts

Compare different card providers to get information on how charges apply when you use your card abroad. The aim is to see whether there are foreign transaction or withdrawal fees. Also, enquire about whether the bank charges interest on withdrawal fees and adds a margin to the official FX rate.

It makes sense to choose the provider with the lowest charges. Though it’s a challenge to find providers that do not charge fees, some are fee-less up to a particular limit. Take your time to read and fully understand the terms and conditions when choosing a provider.

3. Consider non-fiat accounts designed for international use

Tally is asset-based money that works seamlessly with the existing banking infrastructure. According to Tallymoney.com, it’s neither a cryptocurrency, multi-currency wallet nor trading app.

Cameron Parry highlights that a Tally account doesn’t charge foreign transaction fees or foreign withdrawal fees. Additionally, it doesn’t mark up the official FX rate. It could help you reduce costs associated with FX and international transactions while you’re abroad.

4. Pay attention to the options at the time of payment when abroad

Tally’s research reveals that around 51% of the surveyed population didn’t know that paying in the local currency rather than sterling could save them money. Retailers can set the exchange rate and even add conversion fees on top if you use your card abroad.

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Some offers on The Motley Fool UK site are from our partners — it’s how we make money and keep this site going. But does that impact our ratings? Nope. Our commitment is to you. If a product isn’t any good, our rating will reflect that, or we won’t list it at all. Also, while we aim to feature the best products available, we do not review every product on the market. Learn more here. The statements above are The Motley Fool’s alone and have not been provided or endorsed by bank advertisers. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool UK has recommended Barclays, Hargreaves Lansdown, HSBC Holdings, Lloyds Banking Group, Mastercard, and Tesco.

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Does your job require you to work from home, either full-time or part-time? You may be entitled to working from home tax relief that allows you to claim up to £125 per year even if you’ve only worked from home for one day.

However, if you haven’t yet claimed yours from HMRC, you might want to act quickly. That’s because the Treasury is rumoured to be planning to scrap the tax relief. So, how do you apply for this relief? And how long do you have before it’s potentially axed? Read on to find out.

What is working from home tax relief?

Basically, it’s tax relief that is meant to help cover the extra household utility costs associated with working from home.

As of 6 April 2020, you can claim tax relief on £6 a week (the rate was £4 a week in previous years).

The actual amount you can get will depend on the rate at which you pay tax. If you are a basic rate taxpayer, the relief is worth 20% of £6, which means that you can get £1.20 a week or £62.40 a year. If you are a higher rate taxpayer, the relief is worth 40% of £6, or £2.40 a week. This comes to £124.80 a year.

You may also be able to receive relief for the exact amount of additional costs you have incurred above the weekly amount. However, to do this, you need to provide evidence such as bills, receipts or contracts.

Is working from home tax relief to be scrapped?

According to multiple news reports, HMRC is currently reviewing the special tax relief with a view to potentially scrapping it.

The cost of the scheme to the Treasury is understood to have risen significantly in the last two years (from £2 million per year to nearly £500 million) because of the work from home revolution caused by the pandemic.

Data from the Office for National Statistics (ONS) shows that one in four adults in the UK, or 13.4 million, were working from home in the week up to 16 January 2022. HMRC, adds that about 4.9 million people have successfully claimed the tax relief since March 2020.

Now, as reported by The Telegraph, HMRC is compiling a report for the chancellor that is expected to result in changes to who can claim tax relief and how much they can claim. The overall aim is to cut costs to the Treasury.

An unnamed source told The Telegraph that “This is a tax relief that existed before Covid, and it was there for legitimate reasons, but the take-up is now much higher, so it needs to be looked at.”

Can you make a claim now?

Yes, you can.

However, it would be prudent to act quickly. We don’t know how long applications will remain open. You can apply through a claim tool on the gov.uk website.

Claims can be backdated for up to four years. You will receive a lump sum if you are successful. For example, if you worked from home in the last two years because of Covid-19 and have never filed a claim, you could be entitled to a two-year payout of £250.

It’s worth noting that you can’t file a claim if your employer already covers your work from home expenses.

You also can’t claim the relief through the gov.uk website if you are in self-employment. However, you can claim it through ‘work expenses’ on your Self-Assessment tax return.

Could you save money when working from home?

The potential axing of the working from home tax relief comes at a time when families are already facing great financial pressures from the rising cost of living.

However, you can lessen any impact of the relief cut on your finances by looking for ways to cut costs and save money when working from home.

For handy, practical tips and ideas on how to do this, check out our articles on how to save money working from home and budgeting tips for working from home.

The content in this article is provided for information purposes only. It is not intended to be, nor does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.

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Some offers on The Motley Fool UK site are from our partners — it’s how we make money and keep this site going. But does that impact our ratings? Nope. Our commitment is to you. If a product isn’t any good, our rating will reflect that, or we won’t list it at all. Also, while we aim to feature the best products available, we do not review every product on the market. Learn more here. The statements above are The Motley Fool’s alone and have not been provided or endorsed by bank advertisers. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool UK has recommended Barclays, Hargreaves Lansdown, HSBC Holdings, Lloyds Banking Group, Mastercard, and Tesco.

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You may be hoping for a comfortable retirement, especially if you’ve spent decades slogging away in the workplace. Yet new research reveals that many are set to fall short of this goal, with a vast number only on track for a ‘moderate’ pension income.

So what else did the data show? And what steps can you take today to ensure your pension will deliver you a comfortable retirement? Let’s take a look.

What did the research reveal about pensions and retirement?

According to Hargreaves Lansdown, less than 40% of people in the UK are heading for a ‘moderate’ income in retirement. 

This worrying statistic is likely a result of many people relying solely on the State Pension for retirement. Right now, the new State Pension pays £179.60 per week. It’s paid to those who are aged 66 or over, though the qualifying age will increase to 68 before 2039.

According to the research, £179.60 accounts for less than 30% of earnings for the average worker in the UK.

While we can expect our spending to be lower in our late 60s, having to cut costs by as much as 70% is likely to be a huge challenge. This is particularly true if you’re hoping to be reasonably comfortable once you give up work.

How can you boost your pension?

If you fear your state pension won’t provide you with enough income in retirement, there are ways you can boost your pension pot. The first step is to look beyond the State Pension. That’s because a workplace pension, as long as you save enough into it, is likely to deliver you a higher level of retirement income than the State Pension. 

Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, explains this in more detail: “If you want a decent lifestyle in retirement, you must build on the State Pension with other income sources such as workplace or personal pensions.”

Morrissey also explains how increasing your workplace pension contributions can be one of the easiest ways of boosting your private pension. She explains: “You can boost your pension by making relatively small tweaks, for instance, increasing your contribution whenever you get a pay rise or start a new job.

“You may also find that if you contribute more, then your employer will also boost their contribution to your pension, so it is worth checking to see if they are willing to do that. Over time, these changes can really add up and make a huge difference to your retirement income.”

What are the dangers of relying on the State Pension?

While the full new State Pension pays a decent sum, it’s important to note that not everyone will get it. 

That’s because you need to have made enough National Insurance contributions during your working years to qualify. As Helen Morrissey explains: “Many people also do not get a full State Pension. This could be because they were contracted out at some point in their careers or didn’t accrue enough National Insurance credits – you currently need 35 years’ worth – to qualify for a full state pension.”

If you feel there is a danger of you not making 35 years’ worth of contributions to get the full new State Pension – perhaps because you are currently self-employed – then it’s worth being aware that you can plug any gaps by making voluntary National Insurance contributions.

If you’ve already retired and don’t get the State Pension, Helen Morrissey suggests another option. She explains: “You should check to see if you qualify for Pension Credit. This will give you an uplift to your income as well as help with bills. It is a hugely important benefit that remains underclaimed.”

Looking to learn more about retirement? See our article that looks into the most commonly asked questions about pensions.

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Some offers on The Motley Fool UK site are from our partners — it’s how we make money and keep this site going. But does that impact our ratings? Nope. Our commitment is to you. If a product isn’t any good, our rating will reflect that, or we won’t list it at all. Also, while we aim to feature the best products available, we do not review every product on the market. Learn more here. The statements above are The Motley Fool’s alone and have not been provided or endorsed by bank advertisers. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool UK has recommended Barclays, Hargreaves Lansdown, HSBC Holdings, Lloyds Banking Group, Mastercard, and Tesco.

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