A common-sense overhaul of Corporation Tax rules could provide a significant, one-off boost to the UK’s finances, cutting borrowing and saving millions in interest payments on the National Debt.

The current system allows companies to wait up to nine months after their financial year ends to pay their tax.

This needs to change.

A package of reforms would accelerate payments and improve public cash flow:

A Six-Month Deadline: Shorten the payment deadline for all companies from nine months to six months after their year-end.

Payments on Account for Large Firms: For companies with expected tax bills over £500,000, a "payment on account" system should be introduced, requiring 30% of their estimated tax to be paid during their trading year.

End Payment in Arrears: Remove the outdated concession that allows the largest companies to pay their tax in quarterly instalments long after profits have been made.

This is a smarter approach to tax collection.

It ensures that corporate profits contribute to public funds in a timelier manner, providing a powerful, immediate injection of cash to reduce the national debt.