In May, significant financial changes are on the horizon for renters and taxpayers. The Renters’ Rights Act 2025, effective from May 1, 2026, grants new protections to renters, eliminating “no-fault” evictions while allowing landlords to evict for valid reasons. Notably, rent arrears requirements for eviction will increase, and tenancies will shift to rolling monthly agreements.
Self-employed taxpayers who missed the self-assessment deadline will face £10 daily penalties starting May 1. Additionally, Nationwide may issue a fourth £100 Fairer Share payment on May 21, pending financial results. Benefit recipients can expect early payments in May due to two bank holidays, on May 4 and May 25.
Inflation data, to be released on May 20, indicates a rise to 3.3% primarily due to heightened fuel costs. Ofgem will unveil a new energy price cap by May 27, effective from July 1, projected to increase to £1,837 annually. Employers must issue P60 forms by May 31, summarizing tax year earnings and deductions.