In May, significant financial changes are set to impact many individuals. Renters will benefit from the Renters’ Rights Act 2025 coming into force on May 1, 2026. This legislation eliminates “no-fault” Section 21 evictions, allowing landlords to issue eviction notices for valid reasons like property sale or rent arrears.
Self-employed taxpayers who missed the self-assessment deadline will face £10 daily penalties starting May 1, accumulating up to £900. Additionally, those on benefits will receive early payments in light of two bank holidays in May, with inflation data due on May 20 showing a rise to 3.3%.
Nationwide is expected to announce potential £100 Fairer Share bonuses to customers on May 21, based on its financial performance. Benefit payments will also be affected by bank holidays on May 4 and May 25, with revised payment dates. Ofgem will reveal a new energy price cap by May 27, expected to increase to £1,837 annually in July.
Employers must provide the latest P60 to employees by May 31, summarizing total pay and deductions for the tax year. Stay informed about these financial changes for the month of May.