The Mirror has compiled a list of important financial changes for May, covering various topics such as new rights for renters and upcoming increases in energy bills.
One significant change is the implementation of the Renters’ Rights Act 2025 on May 1, 2026, which aims to eliminate “no-fault” evictions while allowing landlords to evict tenants with valid reasons like property sale or rent arrears.
Under the new act, the criteria for issuing Section 8 evictions will be stricter, requiring three months of rent arrears instead of two, and landlords selling their property must give tenants a four-month notice period.
Furthermore, all tenancies will transition to monthly rolling contracts, offering renters more flexibility with a two-month notice period for leaving. Additionally, tenants will have increased rights regarding pets, and rent hikes will be limited to once a year.
For self-employed individuals who missed the self-assessment deadline, penalties of £10 per day will be imposed starting May 1, accumulating up to £900. Late forms will incur additional charges up to 5% of tax due or £300 after six months.
Due to two bank holidays in May, benefit payments will be issued earlier than usual, with the first bank holiday on May 4 resulting in payments being made on May 1 instead. Another bank holiday on May 25 will also impact payment schedules, moving payments to May 22.
The Office for National Statistics will release the latest inflation data on May 20, reflecting a rise to 3.3% primarily attributed to increased fuel costs related to the Iran conflict.
Nationwide is expected to announce potential Fairer Share bonuses of £100 for customers on May 21, coinciding with the release of their financial results. Last year, Nationwide paid out £400 million to four million members based on its financial performance.
Ofgem will reveal the new energy price cap by May 27, effective from July 1 to August 31. Analysts anticipate a rise in the average dual fuel household costs from £1,641 to £1,837 due to geopolitical tensions.
Employers are required to issue P60 forms summarizing income and taxes by May 31, essential for tax verification and loan/mortgage applications.
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