May 2026 brings a host of significant financial updates that could impact your wallet. From new rights for millions of renters to confirmation of summer energy bill hikes, here is everything you need to know.
May 1 - New Rules for Renters
Millions of renters will benefit from the Renters’ Rights Act 2025, which comes into force on May 1, 2026. This legislation abolishes 'no-fault' Section 21 evictions. However, landlords can still issue eviction notices for valid reasons, such as selling the property or tenant rent arrears. The rent arrears threshold for a Section 8 eviction rises from two to three months, and the notice period for landlords selling their home is now four months. All tenancies become rolling monthly contracts, with renters giving two months' notice to leave. Renters gain greater rights to have pets, and rent increases are limited to once a year.
May 1 - £10 a Day Penalties for Late Tax Returns
If you missed the self-assessment deadline on January 31, fines of £10 per day begin on May 1. These accumulate up to £900. After six months, you face an additional charge of 5% of tax due or £300, whichever is higher, on top of the initial £100 penalty.
May 4 - May Bank Holiday Early Benefits
Thousands of benefit claimants will receive payments early due to two bank holidays in May. The first bank holiday is Monday, May 4. If your payment is due on this day, you will receive it on Friday, May 1 instead.
May 20 - Inflation Update
The Office for National Statistics (ONS) releases its latest inflation data on May 20. Inflation measures how prices change over time. The previous ONS update showed inflation rose to 3.3%, largely due to higher fuel costs from the Iran war.
May 21 - Nationwide £100 Bonus Confirmed
Nationwide is expected to confirm whether it will pay another round of £100 Fairer Share bonuses on May 21, when it publishes its full-year financial results. The bonus depends on the building society's performance. Last year, Nationwide paid £400 million to four million members; the year before, £385 million to 3.85 million people.
May 25 - Second May Bank Holiday Early Benefits
The second bank holiday is Monday, May 25. If your benefit payment is due on this day, you will receive it on Friday, May 22 instead.
May 27 - Ofgem Price Cap Announcement
Ofgem will announce its new energy price cap by May 27, effective from July 1 for three months until August 31. The current cap is £1,641 per year for an average dual-fuel household paying by direct debit. Energy analysts at Cornwall Insight predict it will rise to £1,837 due to the Iran war.
May 31 - P60 Deadline
Your employer must issue your latest P60 by May 31. This document summarises your total pay and deductions for the tax year. You need it to prove tax paid on your salary and as income proof for loans or mortgages.
