UK Tax Software Market Size and Forecast (2021-2031)
UK Tax Software Market Size and Forecast (2021 – 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Software and Services), Tax Type (Sales Tax, Income Tax, Corporate Tax, and Others), Deployment Type (Cloud and On Premise), End User (Individual, Commercial), and Geography
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Description
Increase in Digitization of Tax Systems – To Fuel The UK Tax Software Market Growth
The ongoing digital revolution presents huge scope for businesses to use digital services and automation to modify their business models and traditional processes for improving operational efficiencies and revenues. Digital transformation or automation in businesses is characterized by the integration of digital technology in various business processes, organizational activities, and business models. The digitalization of tax systems aids in enhanced operational efficiencies, end-to-end business process optimization, and cost and human error reduction.
Citizens in various countries, including the UK, find the process of paying taxes to governments challenging and time-consuming. For many governments, enhancing tax compliance and collecting sufficient revenue is a matter of necessity to be able to finance public goods and services. Thus, tax administrations are increasingly undertaking digital transformation and automation of their systems. Digitalized tax systems have the potential to bring successful and sustainable tax reforms, ensure proper taxation, and address compliance-related challenges. Further, the COVID-19 pandemic, which led to a boom in the use of digital commerce, made digital transformation especially urgent for tax administrations. Therefore, companies in the UK are increasingly embracing tax technology and automation to comply with new electronic reporting requirements, and to enhance the accuracy and efficiency of tax functions by harnessing the capabilities of automation. The relevant investments by these companies in tax software technologies continue to rise and improving their ability to gather more tax information and gain more insights into the tax and financial positions of taxpayers.
Tax software quickly ascertains a client’s overall financial situation and suggests insurance or investment products. It also provides services such as auditing, bookkeeping, and comprehensive financial plan preparation. Also, the tax preparation process has become faster and more efficient as vast information is now available in digital format, which would, in turn, help tax preparers to directly import their client data from personal finance software onto their tax returns, with a single click. This has eliminated the need for the manual entry of all these numbers. Acorah Software Products Limited (TaxCalc), BTCSoftware Limited, Gosimpletax Ltd., Capium, FreeAgent, and Nomisma are a few tax software vendors operating in the UK. Mobile apps are also available now for taxpayers, which help them effortlessly e-file their taxes. Thus, the continuous digitization of the tax system is propelling the growth of the UK tax software market.
Based on end user, the UK tax software market is bifurcated into individual and commercial. The commercial segment is estimated to hold largest UK tax software market share by 2031. Commercial enterprises consist of small- and medium-sized (SMEs) enterprises and large enterprises. Large enterprises deal with a huge volume of data; thus, the tax software is mostly adopted by them. However, the growing awareness regarding tax software among SMEs is further supporting the growth of the tax software market for SMEs in the UK. As the tax software simplifies the tax filing process, they are meant to increase productivity by automating and integrating ERP systems. They also help enhance profitability and operational efficiency and mitigate costs. Thus, several commercial enterprises purchase tax software to increase their functionality and replace the out-of-date systems. Further, the emergence of more SMEs and a surge in investments in cloud infrastructure are a few factors anticipated to boost the market growth during the forecast period.
CloudTax Inc, SAP SE, Wealthsimple Technologies Inc, HRB Digital LLC, Intuit Inc, Wolters Kluwer NV, Thomson Reuters Corp, Xero Ltd, IRIS Software Group Ltd, Sage Group Plc, Tax Systems Limited, and THE ACCESS GROUP are among the key players profiled in the UK tax software market report. The UK tax software market report also provides detailed market insights, which help the key players strategize their growth. The UK tax software market forecast can help stakeholders in this marketplace plan their growth strategies.
The overall UK tax software market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the UK tax software market analysis. The report includes growth prospects in light of current UK tax software market trends and driving factors influencing the market. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the UK tax software market.
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According to our latest study, “UK Tax Software Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Component, Tax Type, Deployment Type, and End User,” the market is projected to reach US$ 2.79 billion by 2031 from US$ 1.28 billion in 2023. The market is expected to register a CAGR of 10.2% in 2023–2031. The increasing adoption of blockchain technology is likely to remain a key UK tax software market trend.
In the UK, cutting-edge technologies such as artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) are changing traditional accounting and taxation methods. These technologies support taxation and accounting firms to operate more efficiently and reduce the number of errors. These advanced technologies automate numerous tasks, including invoice processing, data input, and reconciliations, which support tax professionals in increasing their focus on and investing more time in strategic tasks such as data analysis and customer consulting services. Significant benefits offered by AI, ML, and RPA to tax software increase their adoption among tax companies, further creating market growth opportunities. For instance, in February 2022, KPMG LLP, a UK limited, partnered with Blue J to jointly develop and launch a first-of-its-kind suite of artificial intelligence (AI) tax analysis tools for their customers in the UK. Moreover, benefits offered by advanced technologies encourage companies to develop new innovative software for their customers. For instance, in February 2024, PwC UK developed and launched a UK tax AI assistant tool with Harvey and OpenAI. This UK tax AI assistant tool is available for all 2,300 PwC UK Tax professionals and assists them in generating tax content to provide tax-related services to their clients. Thus, rising adoption of advanced technologies to provide opportunities for UK tax software market growth.
UK Tax Software Market Analysis— by Component, 2023
Source: the Research Team Analysis
The UK tax software market analysis is carried out by identifying and evaluating key players in the market across different regions. CloudTax Inc, SAP SE, Wealthsimple Technologies Inc, HRB Digital LLC, Intuit Inc, Wolters Kluwer NV, Thomson Reuters Corp, Xero Ltd, IRIS Software Group Ltd, Sage Group Plc, Tax Systems Limited, and THE ACCESS GROUP are among the key players profiled in the UK tax software market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem.
The report includes the UK tax software market forecast by component, tax type, deployment type, and end user from 2023 to 2031. Based on component, the market is bifurcated into software and service. The software segment held a larger UK tax software market share. The tax software simplifies the tax filing procedure by automatically calculating the tax obligations of businesses and individuals with given inputs. Tax software are available in two formats: traditional software format and software as a service (SaaS) format. The increase in digital financial transactions among several industries, the complex nature of the existing tax system, and increased awareness of tax administrators are among the major factors increasing the demand for tax software.
Based on deployment type, the market is bifurcated into on-premise and cloud. The cloud segment held a larger UK tax software market share in 2023. Due to the advent of cloud deployment, securing sensitive data has become a challenge for organizations. Therefore, businesses are inclined toward cloud-based tax software, as the tax return is automatically backed up by secure servers. Tax returns can be stored and accessed at any time with the deployment of cloud-based tax software.
The UK tax software market report also includes growth prospects owing to the current market trends and their foreseeable impact during the forecast period. Owing to the booming economy, high literacy rate, and advanced technology adoption, the number of tech giants is rising in the country. Tech giants providing digital services to cater to the demand across the UK and the world are subjected to pay a 3% tax on digital services. The imposition of tax on the digital services of these tech giants is expected to increase the sales of tax software in the UK during the forecast period. In addition, software packages in the UK ensure that the user files taxes with His Majesty’s Revenue & Customs (HMRC) while covering allowances and tax deductions. Owing to the rising number of freelancers, small business owners, and sole traders across the country, the need to have advanced software for filing taxes is booming. Moreover, with the rise in digitalization and the integration of advanced technologies in industries, the tax software market is growing in the UK.
The UK ranks 22nd among 36 OECD countries on the 2020 International Tax Competitiveness Index. Nearly half of UK tax revenue is from individual income taxes and national insurance contributions. Furthermore, the UK government has taken the initiative called “Making Tax Digital (MTD),” which sets out a vision for the “end of the tax return” and “transformed tax system 2019.” The HM Revenue and Customs (HMRC) affirms that the prime goal of the MTD initiative is to make tax administration efficient, effective, and convenient for taxpayers. Also, MTD for VAT is a key change in tax administration and vital for the UK tax system. On April 1, 2021, Phase 2 of the MTD initiative was initiated, and its completion date is set for April 2027. From April 2022, Making Tax Digital for VAT was applied to all VAT-registered businesses. Such government initiatives will increase the need to adopt tax software among the businesses in the UK.
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o Highlights key business priorities in order to assist companies to realign their business strategies
o The key findings and recommendations highlight crucial progressive industry trends in the UK tax software market, thereby allowing players across the value chain to develop effective long-term strategies
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
o Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
TABLE OF CONTENTS
1. Introduction
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. UK Tax Software Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in Value Chain
4.4 Premium Insights
4.4.1 Company Benchmarking
5. UK Tax Software Market – Key Market Dynamics
5.1 UK Tax Software Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Government Initiatives to Modernize UK Tax System
5.2.2 Increasing Adoption Among Tax Advisory and Consulting Companies
5.2.3 Increase in Digitization of Tax Systems
5.2.4 Continued Demand from Retail Sector
5.3 Market Restraints
5.3.1 Growing Number of Cyber-attacks
5.3.2 Reluctance to Adoption of Tax Software due to Cost and Operational Complexities
5.4 Market Opportunities
5.4.1 Rising Adoption of Advanced Technologies
5.4.2 Expanding Tax Industry
5.5 Future Trends
5.5.1 Increasing Adoption of Blockchain Technology
5.6 Impact of Drivers and Restraints:
6. UK Tax Software Market Analysis
6.1 Overview
6.2 UK Tax Software Market Revenue (US$ Million), 2021–2031
6.3 UK Tax Software Market Forecast and Analysis
7. UK Tax Software Market Analysis – by Component
7.1 Software
7.1.1 Overview
7.1.2 Software: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Services
7.2.1 Overview
7.2.2 Services: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)
8. UK Tax Software Market Analysis – by Tax Type
8.1 Sales Tax
8.1.1 Overview
8.1.2 Sales Tax: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Income Tax
8.2.1 Overview
8.2.2 Income Tax: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Corporate Tax
8.3.1 Overview
8.3.2 Corporate Tax: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)
8.4 Others
8.4.1 Overview
8.4.2 Others: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)
9. UK Tax Software Market Analysis – by Deployment Type
9.1 Cloud
9.1.1 Overview
9.1.2 Cloud: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)
9.2 On Premises
9.2.1 Overview
9.2.2 On Premises: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)
10. UK Tax Software Market Analysis – by End User
10.1 Individual
10.1.1 Overview
10.1.2 Individual: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)
10.2 Commercial
10.2.1 Overview
10.2.2 Commercial: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)
10.3 Commercial, By Enterprise Size
10.3.1 Overview
10.4 Small
10.4.1 Overview
10.4.2 Small: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)
10.5 Medium
10.5.1 Overview
10.5.2 Medium: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)
10.6 Large
10.6.1 Overview
10.6.2 Large: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)
10.7 Commercial, By Industry Vertical
10.7.1 Overview
10.8 BFSI
10.8.1 Overview
10.8.2 BFSI: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)
10.9 Government
10.9.1 Overview
10.9.2 Government: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)
10.10 IT and Telecom
10.10.1 Overview
10.10.2 IT and Telecom: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)
10.11 Healthcare
10.11.1 Overview
10.11.2 Healthcare: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)
10.12 Retail
10.12.1 Overview
10.12.2 Retail: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)
10.13 Others
10.13.1 Overview
10.13.2 Others: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
11.2 Company Positioning & Concentration
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
12.4 Mergers & Acquisitions
13. Company Profiles
13.1 CloudTax Inc
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 SAP SE
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Wealthsimple Technologies Inc
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 HRB Digital LLC
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Intuit Inc
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Wolters Kluwer NV
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Thomson Reuters Corp
13.7.1 Key Facts
13.7.2 Products and Services
13.7.3 Financial Overview
13.7.4 SWOT Analysis
13.7.5 Key Developments
13.8 Xero Ltd
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 IRIS Software Group Ltd
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Sage Group Plc
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
13.11 Tax Systems Limited
13.11.1 Key Facts
13.11.2 Business Description
13.11.3 Products and Services
13.11.4 Financial Overview
13.11.5 SWOT Analysis
13.11.6 Key Developments
13.12 THE ACCESS GROUP
13.12.1 Key Facts
13.12.2 Business Description
13.12.3 Products and Services
13.12.4 Financial Overview
13.12.5 SWOT Analysis
13.12.6 Key Developments
14. Appendix
14.1 About the Research Team
14.2 Word Index
LIST OF TABLES
Table 1. UK Tax Software Market Segmentation
Table 2. UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)
Table 3. UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million) – by Component
Table 4. UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million) – by Tax Type
Table 5. UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million) – by Deployment Type
Table 6. UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 7. UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size
Table 8. UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million) – by Industry Vertical
Table 9. Heat Map Analysis By Key Players
Table 10. List of Abbreviation
LIST OF FIGURES
Figure 1. UK Tax Software Market Segmentation, by Country
Figure 2. PEST Analysis
Figure 3. Ecosystem: Tax Software Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. UK Tax Software Market Revenue (US$ Million), 2021–2031
Figure 6. UK Tax Software Market Share (%) – by Component, 2023 and 2031
Figure 7. Software: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)
Figure 8. Services: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)
Figure 9. UK Tax Software Market Share (%) – by Tax Type, 2023 and 2031
Figure 10. Sales Tax: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)
Figure 11. Income Tax: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)
Figure 12. Corporate Tax: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)
Figure 13. Others: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)
Figure 14. UK Tax Software Market Share (%) – by Deployment Type, 2023 and 2031
Figure 15. Cloud: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)
Figure 16. On Premises: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)
Figure 17. UK Tax Software Market Share (%) – by End User, 2023 and 2031
Figure 18. Individual: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)
Figure 19. Commercial: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)
Figure 20. Small: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)
Figure 21. Medium: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)
Figure 22. Large: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)
Figure 23. BFSI: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)
Figure 24. Government: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)
Figure 25. IT and Telecom: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)
Figure 26. Healthcare: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)
Figure 27. Retail: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)
Figure 28. Others: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)
Figure 29. Company Positioning & Concentration
The List of Companies – UK Tax Software Market
o CloudTax Inc
o SAP SE
o Wealthsimple Technologies Inc
o HRB Digital LLC
o Intuit Inc
o Wolters Kluwer NV
o Thomson Reuters Corp
o Xero Ltd
o IRIS Software Group Ltd
o Sage Group Plc
o Tax Systems Limited
o THE ACCESS GROUP
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