The Mirror has rounded up all the key money changes you need to know for May
From new rights for millions of renters, to confirmation of how much energy bills will rise by this summer, the Mirror has rounded up all the key money changes you need to know for May.
This includes £10 a day penalties for self-employed taxpayers who missed the self-assessment deadline, as well as an update on whether Nationwide will pay out a fourth £100 Fairer Share payment.
There will also be the usual inflation update and two bank holidays mean thousands of people claiming benefits will be paid early.
May 1 – New rules for renters
Millions of renters will benefit from the Renters’ Rights Act 2025 which comes into force from May 1, 2026.
This will abolish “no-fault” Section 21 evictions but landlords will still be able to issue an eviction notice if they have a valid reason, such as if they are selling the property, or the tenant is in rent arrears.
The number of months of rent arrears needed to issue a Section 8 eviction will increase from two months to three months, while the notice period for the landlord wanting to sell their home will be four months.
All tenancies will become rolling on a monthly basis, rather than for a fixed term, with renters having to give two months’ notice if they want to leave. Renters will also get greater rights to have pets and rent increases will be limited to once a year.
May 1 – £10 a day penalties for late tax returns begin
If you missed the self-assessment deadline on January 31, you will start to receive £10 a day fines from May 1. These will keep accumulating until they reach £900. Once the form is six months late, you’ll either be charged 5% of the tax due or £300 – whichever is higher. This comes on top of the initial £100 penalty for missing the January 31 deadline.
May 4 – May bank holiday
Thousands of people in receipt of benefits will be paid earlier than normal next month due to there being two bank holidays in May. The first bank holiday is on Monday, May 4. If you’re due a benefit payment on this day, you’ll receive your payment on Friday, May 1 instead.
May 20 – Inflation update
The latest inflation data from the Office for National Statistics (ONS) will be released on May 20. Inflation is a measure of how prices have changed over time.
In the latest update from the ONS, inflation was revealed to have risen to 3.3% largely down to higher fuel costs from the Iran war.
May 21 – Nationwide £100 bonus confirmed
Nationwide is expected to confirm if it will pay another round of £100 Fairer Share bonuses to its customers on May 21. This is when the building society will publish its latest full-year financial results.
The bonus is based on the building society’s financial performance. Last year, Nationwide paid a total of £400million to four million members. The year before that it was £385million to 3.85 million people.
May 25 – May bank holiday
The second bank holiday that could affect your benefit payments is on Monday, May 25. If you’re due a benefit payment on this day, you’ll receive your payment on Friday, May 22 instead.
May 27 – Ofgem price cap announcement
Ofgem will announce its new energy price cap by May 27. This new rate will come into force from July 1 and will run for three months, until August 31.
The Ofgem price cap is currently set at £1,641 a year for the average dual fuel household paying by direct debit. But energy analysts at Cornwall Insight are predicted this will soar to £1,837 a year in July due to the Iran war.
May 31 – P60 deadline
Your employer must issue your latest P60 by May 31. Your P60 summarises your total pay and deductions for the tax year. You need your P60 to prove how much tax you’ve paid on your salary and as proof of your income if you apply for a loan or a mortgage.
