As May approaches, significant financial changes are on the horizon for various sectors. Renters are set to benefit from the Renters’ Rights Act 2025 starting on May 1, 2026. This act will eliminate “no-fault” Section 21 evictions, allowing landlords to issue eviction notices only with valid reasons, such as property sale or rent arrears.
The criteria for Section 8 evictions will also evolve, requiring three months of rent arrears instead of two to proceed. Landlords intending to sell their properties must provide tenants with a four-month notice period. Tenancies will transition to rolling monthly agreements, granting renters the flexibility to give a two-month notice before leaving. Additionally, renters will have increased rights regarding pets and will encounter annual limitations on rent hikes.
Self-employed taxpayers who missed the self-assessment deadline on January 31 will face £10 daily penalties starting May 1, accumulating up to £900. Late submissions exceeding six months will incur a charge of 5% of the tax owed or a minimum of £300, in addition to the initial £100 penalty.
Due to two bank holidays in May, benefits payments will be distributed earlier than usual. The first bank holiday on May 4 will prompt early payments on May 1 for eligible recipients. Furthermore, ONS will release the latest inflation data on May 20, reflecting a 3.3% increase primarily influenced by elevated fuel costs from the Iran conflict.
Nationwide is expected to disclose a potential £100 Fairer Share payment to customers on May 21 alongside its financial results announcement. The bonus amount is contingent on the building society’s financial performance, with previous payouts totaling £400 million to four million members.
An update on the energy price cap by Ofgem is anticipated by May 27, with the new rate effective from July 1 to August 31. Analysts project an increase from the current £1,641 yearly average for dual fuel households to £1,837 in July due to geopolitical factors.
Employers must issue P60 documents by May 31, summarizing total pay and deductions for the tax year. This document serves as proof of tax payments and income for loan or mortgage applications.
