Five money changes coming in May 2025 including Nationwide £100 bonus A number of key financial updates are set to take place next month May is set to be a big month for the financial calendar (Image: Getty Images ) Some major financial changes are due to take place in May that could affect your personal finances. Upcoming changes include NatWest's takeover of Sainsbury's Bank and late Tax Return penalties beginning. The latest inflation update will also be issued on May 21, with experts predicting the level to have increased recently, and Nationwide are set to confirm whether it will release another round of £100 bonuses, the Mirror reports. ‌ Here's a breakdown of some of the key financial dates taking place next month. ‌ May 1 - NatWest takeover of Sainsbury's Bank Sainsbury’s Bank customers with personal loans, credit card and savings accounts will be transferred to NatWest from May 1. The change will be made due to NatWest agreeing to takeover Sainsbury’s Bank in a deal worth around £2.5billion. Sainsbury's Bank stopped offering new credit cards and loans last August, and no longer accepted applications for new savings accounts from last month. Sainsbury's Bank will continue to offer insurance and travel money services. May 1 - £10 a day penalties for late tax returns begin If you missed the tax returns self-assessment deadline on January 31 - as well as the initial £100 penalty - you will start to receive fines every day worth £10 each from May 1. These will keep accumulating until they reach £900. Article continues below Once the form is six months late, you’ll either be charged 5% of the tax due or £300 – whichever is higher. May 21 - Latest inflation update The latest inflation data from the Office for National Statistics (ONS) - measuring how much prices have changed over time - will be released on May 21. In the latest update from the ONS, inflation was revealed to have fallen by more than expected to 2.6%. Experts are expecting it to rise again after energy bills went up. At its highest point, inflation reached 11.1% in October 2022. ‌ May 29 - Nationwide £100 bonus confirmed Nationwide is expected to confirm if it will pay another round of £100 Fairer Share bonuses to its customers on May 29 - when the building society will publish its latest full-year financial results. The bonus is based on the building society’s financial performance. Last year Nationwide paid out a total of £385million in June to 3.85 million customers after the building society announced profits of £2billion.‌ May 31 - P60 deadline Your employer must issue your latest P60 - which summarises your total pay and deductions for the tax year - by May 31. You need your P60 to prove how much tax you've paid on your salary and as proof of your income if you apply for a loan or a mortgage. ‌ Join the Manchester Evening News WhatsApp group HERE For a full list of DWP payment dates and money changes happening in May, including inflation updates and the Ofgem price cap announcement, click here. These changes also include price hikes to NHS prescriptions, Spotify subscriptions and increases to Universal Credit payments. Article continues below Ofgem will also announce the new energy price cap for the summer months, and free childcare applications will open for working parents of children from nine-months-old.