Michael Corbett

@MartinSLewis Retire as soon as financially possible. Use your £12.5k personal allowance and your 25%tax free part of your pension to live ‘tax free’ as long as possible - once you get state pension age you’ll be hit with 20% tax on the lot so use it or lose it.

TELL US: What had no one warned you about when your retired, that you would now warn others about? Please post your replies here, and do like your faves, and podcast producer Simon will collate those to be read out.

@cyp_toon Littlewoods Cafe on the high street was as posh as we got 🥳😄

My mam brought 3 of us by herself in the 60/70s apart from the odd chippy tea,I can’t remember ever eating out !

@davidjcayley @w_ynd @MartinSLewis @RachelReevesMP @itvMLshow Less tax, not no tax 🙄

@MichaelJCbett @w_ynd @MartinSLewis @RachelReevesMP @itvMLshow But it was tax free when it went into the pension. Why should it be tax free on the way out.

NEWS: The Chancellor @RachelReevesMP confirmed to me tonight in @itvMLshow that those whose only income is the State Pension will NOT PAY INCOME TAX - not just they won't do self assessment, there will be no tax to pay during this parliament. This is important as the pension triple lock means the State Pension must rise by at least 2.5% each year. So from 2027 someone whose only income is the full new state pension will earn more than the personal allowance (the amount earnable each year before you pay tax) - so tax would be due. Here is a transcript. ML: Rebecca, says ‘does my 85 year old father, who's living with dementia now have to complete a tax return as his state pension will take him over the personal allowance?’ RR: So if you just have a state pension and you don't have any other pension, we are not going to make you fill in a tax return. ML: Of any type or? RR: Yes. And so I make that commitment for that, for this Parliament. You're right. 2027 looks like the time that it will, cross over. We are working on a solution, as we speak, to ensure that we're not going after tiny amounts of money. ML: but people will have to pay the tax. They just won't have to do a return or will they not have to pay the tax? RR: in this Parliament they won't have to pay the tax. You know, further out about to make any commitments, on that. But we're looking at a simple workaround at the moment. ML: Okay. So I hadn't actually got that from budget. So that's really good to have clarity that they won't be paying the tax. This is far more than was said in the budget speech which was just about not doing an assessment. I went on to ask about edge cases "those who have £50/yr of income" and she said she couldn't make the same promise in those cases, it was only for people with no other income.

@w_ynd @MartinSLewis @RachelReevesMP @itvMLshow Didn’t say that either? Losing 20% on the whole of a private pension (state takes up allowance) in my opinion is too high. Make it 5% after £25k and you can have a better lifestyle - it’s not about surviving, we deserve a life.

@w_ynd @MartinSLewis @RachelReevesMP @itvMLshow Not anywhere have I said I want a tax free income, I was asking what the rules are as it was unclear. That said, I have always worked and paid duties - private pension should be taxed a lot lower and have a higher threshold, in my opinion.

@MartinSLewis @RachelReevesMP @itvMLshow Got it, a bit of a ‘make it up as you go’ response from her but if your sole income is state pension it’s tax free, but a private pension as a second income (which you will need) will mean the state and private will both be taxed (state will be minimal but still not tax free) 🤔

@MichaelJCbett @RachelReevesMP @itvMLshow Read the last para

@SaulStaniforth Drive around in reverse and they’ll end up paying you 🤣🤣🙈🙈🤔

Rachel Reeves is asked about how the 3p a mile electric vehicle charge will work for new cars, when they don't have to have an MOT for 3 years. So who will monitor the mileage in order to calculate the tax owed during that period? Reeves doesn't know.

@Mbeumo__utd Stuart Pearce

A famous footballer as a kid — guess who? 👀 Level: Hard.

@NCSL1892 If ‘one of the best striker’s in the world’ doesn’t score at least 30 goals this season, in that team, he’s duffed it 🤔

🤣🤣🤣🤣🤣🤣 love the banter where no matter what happens you just have to laugh 👏👏👏🤣 #NUFC

@LukeEdwardsTele Launching a new kit, starting the season then losing your best players three weeks later is beyond stupid. Bet fans love going to games with a name on their shirt who no longer plays there!!!

Anyone else wake up this morning and feel a huge sense of relief that the transfer window is over? It gets worse, more unhinged and more exhausting every year. The season can start properly now after the international break. I’m having a break. Great North Run on Sunday… 😬

@MartinSLewis I have a question about pension drawdown and personal tax allowance.

Do you have questions on savings? Eg How to boost interest, cash ISA v normal savings, should you overpay mortgage, what the best buys are. Where to put your money and more? That's the theme of my podcast this week, so pls post questions here and the producers will collate :)

@JokersWildUK Was also a tyre lever when I was a kid

@interesting_aIl Foot Pedal on the floor to press and operate the push rod, might save an arm or two 🙈🙈

Log cutting machine

@MartinSLewis Asked sky to reduce my bill, no. Moved to Virgin as it was half the cost, then sky offered me an offer same cost of virgin - I’d already moved. Should have just been fair in the first place and wouldn’t have lost a customer. Stupid process

Are you a haggler? If not why not? Want help to haggle with Sky, AA, Virgin, EE or others. Do ask your questions or tell your successes and tips by reply. It's the lead subject in my podcast tomorrow.

@agbnufc_ Too many young fans (my kids) haven’t had the experience of proper derby days, so for them it’ll be great.

I can't work out if the derby being back is a good thing or not man, great occasion but we will be expected to win every time, that's scary jeopardy. On the flip side we could batter them.

@BestinDogs Zeb

I need the coolest name! All ideas are welcome!😇🐕

@HumansNoContext None, it’s just a drawing

Who is dead?

@ChronicleLive £8 in the airport

The price of a pint is set to soar above £5 for first time ever 🍺😬 chroniclelive.co.uk/news/uk-news/p…

@MartinSLewis My son moved into a flat and the smart meter was broken, could not take a reading. After 3 months fitted a new meter but took £300 out his account for unpaid gas. Surely this can’t be right? He didn’t live there - also took all the credit from previous owner

To be clear on what backbilling means... The key is the word 'billing'. A firm is required to bill accurately and promptly. If it hasn't and you haven't unreasonably obstructed it. Then it can't suddenly issue you a bill for energy used over 12mths ago that it hasn't billed you for before. It does NOT mean if it bills you and you don't pay for a year you don't owe it any more.