Five DWP money changes in May including tax changes and £100 Nationwide bonus
Five DWP money changes in May including tax changes and £100 Nationwide bonus
Several key financial changes are happening this month and they could have a bit impact
May is set to be a busy month
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Several key financial changes are happening this month that could impact your wallet. The main changes include the introduction of tax return penalties, NatWest's takeover of Sainsburys bank, and inflation updates. Premium bond winners have already been announced and HMRC has begun charging people a daily rate for submitting tax returns late.
Ofgem is also set to announce the new energy Price Cap figures for the next three months - meaning the cost of energy bills might finally be able to come down.
Here are the main money dates to be aware of this May:
May 1 - NatWest takes over Sainsbury's Bank
If you have a personal loan, savings account or credit card with Sainsbury's Bank, your account will now be moved to NatWest.
This change comes after NatWest's £2.5billion deal to buy Sainsbury's Bank. For money-saving tips, sign up to our Money newsletter here
Sainsbury's will continue to offer insurance and travel money services, but has already stopped offering new credit cards, loans and savings account applications.
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May 1 - £10 daily tax return fines start
Anyone who missed the self-assessment tax return deadline back on January 31 will start racking up daily fines from this month.
HMRC will now fine £10 every day until the assessment is completed and will carry on to a maximum of £900.
If you still haven't filed the form after six months, you could face an extra penalty of £300, or 5% of your unpaid tax.
May 21 - New inflation figures to be revealed
The latest inflation update from the Office for National Statistics is due on May 21.
In the last update, the figure had dropped to 2.6% after its peak of 11.1% in October 2022, but experts have warned it could increase again due to recent rising energy bills.
May 29 - Nationwide's £100 bonus' could be confirmed
Nationwide is expected to confirm whether it will pay out another round of £100 'Fairer Share,' bonuses to its members when it releases its annual results on May 29.
Last year, around 3.85 million customers each received a £100 bonus after Nationwide reported a £2 billion profit.
May 31- P60 deadline
Employers will have until May 31 to provide workers with their P60s.
A P60 is a document that shows how much you earned and how much tax you've been paid in the last financial year, crucial if you are applying for a mortgage, loan or certain benefits.
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Other changes to be aware of
Spotify has increased some of its monthly subscription fees.
Universal credit payments have gone up in line with inflation.
The new Ofgem energy price cap for summer will be announced.
Applications open for free childcare for working parents of children aged nine months and up.
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Metro
8 hours ago
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This is how much the average UK house price fell by in May
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STV News
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NatWest fixes issues which left thousands of customers locked out of accounts
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