cost of living

Published 30 Apr 2025

6 min read

Key money dates in May

April brought a wave of bill hikes, adding an average of £660 a year to household expenses. Thankfully, ‘awful April’ is behind us.

Written by: Gabrielle Pickard Whitehead

Lead financial content writer

Published: 30 April 2025

While May may not reverse those changes, it does arrive with glorious weather and a number of key money dates you should have on your radar.

1 May – daily fines begin for late tax returns

If you missed the self-assessment tax return deadline on January 31, the penalties start piling up from 1 May.

You’ll be charged £10 a day, every day, up to a maximum of £900.

If you’re six months late filing your self-assessment, you’ll be charge £300 or 5% of the tax due, whichever is higher.

This is on top of the £100 penalty you’ll have got for missing the deadline.

So if you haven’t filed yet, it’s time to act.

1 May – NatWest takes over Sainsbury’s Banking

If you’ve got a savings account, personal loan or credit card with Sainsbury’s Bank, your account will be moved to NatWest on 1 May.

Sainsbury’s Bank will still offer travel money and insurance, but it’s stepping back from everyday banking.

The £2.5 billion deal with NatWest means no new savings accounts have been available since March and new loans or credit cards stopped last August.

2 May – early benefits and state pensions payments

If you’re due a benefit or state pension payment on 5 May, you’ll get it early, on Friday, 2 May. This is because it’s a bank holiday meaning the Department for Work and Pension offices are closed.

8 May – Bank of England interest rate decision

On 8 May, the Bank of England will announce its latest interest rate decision.

The base rate is currently 4.5%, after the Bank held in it March.

Interest rates affect how much it costs you to borrow (like for a mortgage or loan) and how much you earn on your savings.

The Bank adjusts rates to help control inflation, which affects the cost of everything you buy.

21 May – inflation update

The latest inflation figures will be released by the Office for National Statistics (ONS).

The inflation rate fell to 2.6% in March, down from 2.8% in February, thanks partly to lower petrol prices.

But remember, lower inflation doesn’t mean prices are falling, it just means they’re rising more slowly.

Experts warn it could rise again, especially after April’s energy price hikes.

26 May – early payments ahead of second bank holiday

If you’re expecting a benefit payment on 26 May, it’s the second bank holiday of the month, so you’ll get paid early on Friday 23 May.

27 May – new energy price cap announced

The energy regulator Ofgem is expected to announce the new energy price cap by 27 May.

It’ll come into effect on 1 July and stay in place for three months.

But there’s some good news, as analysts expect energy prices to drop by around £166 a year for the average household.

The current cap is £1,849 a year for typical usage, but remember, the cap limits the unit price of energy, not your total bill. So if you use more, you’ll still pay more.

29 May – Nationwide to pay £100 bonus

If you bank with Nationwide, you could get a £100 bonus paid into your account on 29 May.

This is part of the building society’s Fairer Share scheme, which rewards eligible customers when the company performs well.

To qualify, you must have:

a Nationwide current account in use by 31 March

either a savings account with at least £100, or a mortgage with £100-plus owed

Last year, 3.85 million customers received a payout, with a total of £385 million shared out.

31 May – P60 deadline

Your P60 must be sent to you by your employer by 31 May.

It shows your total pay and tax deductions for the last tax year.

You’ll need your P60 if you’re applying for a mortgage, loan, or want to check your tax records.

To help you plan ahead beyond May and avoid any nasty surprises, check out the key money dates for the whole of 2025.   

Written by: Gabrielle Pickard Whitehead

Lead financial content writer

Gabrielle is an experienced journalist, who has been writing about personal finance and the economy for over 17 years. She specialises in social and economic equality, welfare and government policy, with a strong focus on helping readers stay informed about the most important issues affecting financial security.

Published: 30 April 2025

The information in this post was correct at the time of publishing. Please check when it was written, as information can go out of date over time.

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Written by: Gabrielle Pickard Whitehead

Lead financial content writer

Published: 30 April 2025