From upcoming changes in regulations benefiting numerous tenants, to the anticipated increase in energy bills this summer, the Mirror has compiled a list of significant financial adjustments for May.
Among the updates are the implementation of £10 per day penalties for self-employed individuals who missed the self-assessment deadline. Additionally, there is speculation on Nationwide’s decision regarding a potential fourth £100 Fairer Share payment.
Other notable changes include the regular inflation update and the early payment of benefits for thousands of recipients due to the occurrence of two bank holidays.
The Renters’ Rights Act 2025, effective from May 1, 2026, will introduce changes such as the elimination of “no-fault” Section 21 evictions, with landlords retaining the ability to evict tenants for valid reasons like property sale or rent arrears.
Furthermore, adjustments will include an increase in the required rent arrears for a Section 8 eviction, extension of the notice period for landlords selling their property, and a shift to monthly rolling tenancies with limitations on rent increases.
Penalties for late self-assessment submissions will commence on May 1, with fines accumulating up to £900 and additional charges for extended delays. Benefit payments will be disbursed earlier in May due to the bank holidays.
The Office for National Statistics will release the latest inflation data on May 20, reflecting a rise to 3.3% attributed to increased fuel costs. Nationwide’s potential payment of Fairer Share bonuses will be confirmed on May 21, based on the financial performance.
Ofgem is set to announce the new energy price cap by May 27, effective from July 1. Employers must provide employees with their P60 forms summarizing tax-related information by May 31.
