8 Big Money Changes Coming in May
From enhanced protections for millions of tenants to details of summer energy bill increases, a series of essential financial changes are coming this May. These include £10 daily fines for self-employed individuals who missed the self-assessment deadline, news on whether Nationwide will distribute a fourth £100 Fairer Share payment, an update on inflation, and two bank holidays that mean thousands of benefit claimants will receive payments early. Here is everything you need to know.
May 1 – New Rent Regulations for Tenants
Millions of tenants will benefit from the Renters' Rights Act 2025, effective from May 1, 2026. This eliminates no-fault Section 21 evictions, though landlords can still evict on legitimate grounds such as selling the property or tenant rent arrears. The rent arrears threshold for Section 8 eviction rises from two to three months, and the notice period for landlords selling is four months. Tenancies become monthly rolling agreements, tenants must give two months' notice to vacate, have expanded rights to keep pets, and rent increases are limited to once per year.
May 1 – £10 Daily Penalties for Overdue Tax Returns
If you missed the January 31 self-assessment deadline, daily penalties of £10 begin May 1, accumulating up to £900. After six months, you face an additional 5% of tax owed or £300 (whichever is greater), plus the original £100 fine.
May 4 – May Bank Holiday
Thousands of benefit recipients will receive payments early due to two bank holidays. The first is Monday, May 4; those expecting payment on that date will receive it on Friday, May 1.
May 20 – Inflation Update
The Office for National Statistics will publish latest inflation figures on May 20. Recent data showed inflation at 3.3%, driven by fuel price increases due to the Iran war.
May 21 – Nationwide £100 Bonus Confirmed
Nationwide is expected to announce whether it will distribute another round of £100 Fairer Share bonuses on May 21, alongside its full-year financial results. Last year, it paid £400 million to 4 million members; the previous year £385 million to 3.85 million.
May 25 – May Bank Holiday
The second bank holiday falls on Monday, May 25. Benefit payments scheduled for that date will be made on Friday, May 22.
May 27 – Ofgem Price Cap Announcement
Ofgem will announce its updated energy price cap by May 27, effective from July 1 for three months. The current cap is £1,641 per year for typical dual-fuel direct debit households. Cornwall Insight forecasts a rise to £1,837 due to the Iran war.
May 31 – P60 Deadline
Employers must provide your P60 by May 31. It shows your total pay and deductions for the tax year and is needed to prove tax paid and income for loan or mortgage applications.
