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I just heard that paper £5 notes and round metal £1 coins will not be legal tender in the U.K. shortly.
You're correct. The UK turns their currency notes and coins around quite frequently.
Round pound coins will be phased out from March 28 2017, and will no longer be valid currency from October
Withdrawn Banknotes | Bank of England
Paper £5 notes will be withdrawn from circulation on 5 May 2017.
The only £5 note that will be legal tender after this date is the polymer £5 featuring Sir Winston Churchill, which was introduced in September 2016.