As May approaches, various financial changes are on the horizon. Renters are set to benefit from the upcoming Renters’ Rights Act 2025, effective May 1, 2026. This act will eliminate “no-fault” Section 21 evictions but will still allow landlords to evict tenants for valid reasons, such as property sale or rent arrears.
Under the new legislation, the requirement for rent arrears to issue a Section 8 eviction will increase from two to three months. Landlords wanting to sell their property will need to provide a four-month notice period. Tenancies will shift to rolling monthly agreements, giving renters more flexibility to terminate with a two-month notice period. Additionally, renters will have enhanced rights regarding pets, and rent hikes will be restricted to once a year.
Starting May 1, self-employed taxpayers who missed the self-assessment deadline on January 31 will face daily penalties of £10, accumulating up to £900. After six months, a late submission will incur a charge of 5% of the owed tax or £300, whichever is higher. This penalty is in addition to the initial £100 fine for missing the deadline.
In light of two bank holidays in May, benefit recipients can expect earlier payments. Those due payments on May 4 will receive them on May 1, while payments scheduled for May 25 will be issued on May 22. The Office for National Statistics will release the latest inflation data on May 20, reflecting a 3.3% increase primarily driven by elevated fuel costs attributed to the Iran conflict.
On May 21, Nationwide is anticipated to disclose whether it will distribute another round of £100 Fairer Share bonuses to customers based on its financial performance. Ofgem will unveil a new energy price cap by May 27, effective from July 1, with forecasts suggesting a rise to £1,837 annually for the average dual fuel household. Employers must issue the latest P60 by May 31, summarizing total pay and deductions for the tax year.
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