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Hi Linda, thank you for your question. I am sure it's challenging dealing with a child when he gets angry. A few things to keep in mind are the following:
 
Five year olds are still learning how to regulate their emotions. Be patient and assist when needed
You are your child's role model of how to regulate his emotions; if you want him to handle his anger,
also be sure that are you modelling appropriate ways of handling your own emotions
You can tell your son that he has a right to get angry yet he does not have a right to hit other people. Setting a limit and letting him know that he can't hurt others or destroy things at home is important.
Anger is usually an indicator that something else might be bothering him; maybe he's frustrated that he can't cope with a certain situation- make sure you give your son a chance to talk about what is bothering him. 
Empathy is very important so you can remain connected with your child; so you can say something like "I see you are very angry, but you know that hitting hurts and it's not acceptable to hit others" This way you show him you understand what he's experiencing  but are also setting a limit 
 
Offer an alternative; so you say "hitting me isn't allowed, but you can go and hit your pillow" for example
 
Engage him in problem solving- when you see his frustration is increasing, ask him how he wants to handle that situation and brainstorm different solutions to the problem
Remain close when his emotions are running on "high" this way you can also use your voice or a hug to calm him down. At this moment avoid the "lecture" and explanations and wait until he has calmed down and then explain what you need to 
 
I hope these tips helped, I am also encouraging other moms to offer their input on how they have managed similar situations with their children