Keeping an eye on your finances has never been more important as the cost of living crisis pushes our bills higher.
To help you manage your money, we’ve rounded up ten key updates coming up in May that could affect your wallet.
There are changes to benefit payments coming next month, as well as the start of more cost of living help for one million Tax Credit households.
Other dates to note in your diary include the latest Ofgem price cap decision, as well as monthly inflation and Bank of England interest rate announcements.
Here is everything you need to know.
Bank holidays - May 1, May 8 and May 29
There are three bank holiday dates coming up in May - and these could affect your benefit payments.
The first is the early May bank holiday, which falls on Monday, May 1.
We then have an extra bank holiday on Monday, May 8, to celebrate the coronation of King Charles III.
Finally, there is the spring bank holiday on Monday, May 29.
If you’re due a benefit payment on one of these dates, you’ll likely be paid the previous Friday.
This means your payment will fall on April 28, May 5 or May 26.
If you’re paid early, this means you’ll need to make your money stretch further as you’ll have a longer wait until your next payment.
Self-assessment tax return fines - May 1
The self-assessment tax deadline for filing online was January 31, 2023.
If you missed this, you would have been charged £100.
But if you still haven’t paid by May 1, you’ll start to accrue further penalties of £10 a day, capped at 90 days, to a maximum of £900.
When it gets to six months, you'll be fined 5% of the tax you owe or £300, whichever is greater. This is repeated again at 12 months.
Interest is also added on top of penalties.
Cost of living payments for Tax Credit households - May 2
One million families claiming Tax Credits will receive a £301 cost of living payment between May 2 and May 9.
This is the first of three payments totalling up to £900 and will be issued by HMRC.
You need to have received Tax Credits between January 26 and February 25 2023, or later be found to have been entitled to a payment for this period, to receive the £301.
More than eight million families claiming benefits from the Department for Work and Pension (DWP) started to receive £301 from April 25.
This includes those claiming: Universal Credit, Pension Credit, Income-based Jobseekers Allowance, Income-related Employment and Support Allowance or Income Support.
Those eligible will be paid by May 17.
Tesco delivery change - May 2
Tesco is increasing the minimum spend and charge for shoppers ordering their groceries online from May 2.
The supermarket currently charges £4 if the value of your home delivery shop is below £40.
But this is rising to £5 and you’ll need to spend a minimum of £50.
The minimum order fee of £25 for click and collect shoppers will remain the same.
Tax Credit renewal packs - May 2
HMRC will send out 1.5million renewal packs to Tax Credit claimants between May 2 and June 15.
Tax Credit claimants must renew their claim every year - or risk their benefit being stopped.
You can do it online through your GOV.UK account or you can use the HMRC app.
You can also call the HMRC Tax Credit helpline on 0345 300 3900 or post back the renewal pack you are sent by HMRC.
You have until July 31 to renew your Tax Credit claim.
Interest rates - May 11
The Bank of England will announce whether interest rates will be raised again on May 11.
The central bank increased the base rate on March 23 to 4.25%
The base rate is what the Bank of England charges other banks and lenders - this in turn then influences the rates you are charged as a customer when you borrow money.
If interest rates are higher, you'll pay more to borrow on products like mortgages - but the flip side is, savings rates should go up.
Pension Credit backdate - May 19
If you’re eligible for Pension Credit but you’ve not yet started claiming it, you can backdate your claim by three months.
If you backdate your claim by May 19, you may be entitled to receive the £301 cost of living payment.
Again, you will need to have been eligible between January 26 and February 25 as this is the qualifying window.
Inflation - May 24
The Office for National Statistics (ONS) will release the inflation rate for the 12 months to April on May 24.
Inflation is a figure used to explain how much the prices of goods and services have increased over time.
When inflation is high, it means prices have risen more sharply and you’re getting less for your money than before.
Inflation is currently at 10.1% - this is down from its 41-year high of 11.1%.
Ofgem price cap announcement - May 25
Ofgem will announce its energy price cap for July to September on May 25.
Households are currently covered by the Energy Price Guarantee, which has set the typical energy bill at £2,500 a year.
This has effectively replaced the Ofgem price cap and has been in place since October 2022.
But there isn't actually a total cap on how much you can pay for energy.
What both the Energy Price Guarantee and Ofgem price cap do is put a limit on how much you can be charged for unit rates and standing charges.
The Energy Price Guarantee is due to rise to £3,000 in July - but by this point, analysts suggest energy prices will fall and we’ll go back to the Ofgem price cap.
Cornwall Insight suggests the typical bill under the Ofgem price cap could drop to around £2,024 a year from July, before rising to £2,076 from October.
Last chance to claim £200 energy help - May 31
Households using heating oil, LPG, biomass and other alternative fuels can get £200 to help with their energy bills.
Most people should have received the £200 Alternative Fuel Payment automatically - but if you didn’t, you need to apply by May 31.
To apply, you need to show proof that you’ve spent £200 on alternative fuels to heat your home since June 2022.
Examples of those who may need to apply include households that are fully off-grid, or cases where the electricity supplier didn’t have your correct details.
You can apply to get the £200 payment through the online portal on Gov.uk.
