From upcoming changes in laws benefiting numerous tenants to the projected increase in energy costs, the Mirror has compiled essential financial updates for May. Notable developments include penalties of £10 per day for self-employed taxpayers who missed the self-assessment deadline and the potential distribution of a fourth £100 Fairer Share payment by Nationwide.
The Renters’ Rights Act 2025, effective from May 1, 2026, will eliminate “no-fault” Section 21 evictions while allowing landlords to evict tenants with valid reasons, such as property sale or rental arrears. The requirements for issuing a Section 8 eviction will extend to three months of rent arrears, with a four-month notice period for landlords intending to sell their property.
All tenancies will transition to rolling monthly agreements, granting renters the freedom to exit with a two-month notice period. Additionally, renters will gain increased pet ownership rights, with rent hikes limited to once per year.
For individuals tardy in submitting their self-assessment forms, fines of £10 per day will commence on May 1, accumulating to a maximum of £900. Benefit payments will be expedited due to two bank holidays in May, with inflation data set for release on May 20 revealing a 3.3% increase primarily due to heightened fuel costs related to the Iran conflict.
Nationwide is anticipated to disclose its decision on another round of £100 Fairer Share bonuses for customers on May 21 with the release of its financial results. Ofgem will unveil the new energy price cap by May 27, in effect from July 1, projected to rise to £1,837 annually. Employers must furnish employees with their latest P60 forms by May 31, summarizing income and tax details essential for financial records and loan applications.