The Mirror has compiled essential financial updates for May, covering various changes affecting renters and taxpayers. New regulations under the Renters’ Rights Act 2025, effective from May 1, 2026, will grant additional protections to renters by eliminating “no-fault” Section 21 evictions. Landlords can still evict tenants with valid reasons like property sale or rent arrears, with stricter conditions for eviction notices and tenancy terms.
Self-employed taxpayers facing penalties for missing the self-assessment deadline will incur daily fines of £10 starting May 1, escalating to £900 if overdue. Additionally, recipients of benefits can expect early payments in May due to two bank holidays, with inflation updates and potential energy price cap changes on the horizon.
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Nationwide customers await updates on potential Fairer Share bonuses, expected to be announced on May 21 alongside financial results. The building society distributed £400 million in bonuses to members last year, and similar rewards are anticipated this year.
Energy consumers will see changes in the price cap announced by Ofgem by May 27, effective from July 1. Analysts predict a rise in average energy costs due to external factors like the Iran war, impacting household expenses.
Employers must provide P60 forms to employees by May 31, summarizing annual pay and deductions for tax purposes. Your P60 serves as proof of income and tax payments for financial transactions like loans or mortgages.
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