Report : UK Tax Software Market Forecast to 2027 - COVID-19 Impact and Country Analysis by Product Type (Software and Services), Tax Type (Sales Tax, Income Tax, Corporate Tax, and Others), Deployment Type (On-Premises and Cloud), End-User (Individual and Commercial), Industry Vertical (BFSI, Government, IT and Telecom, Healthcare, Government, Retail, and Others)

Increase in Digitization Fueling UK Tax Software Market Growth

As per the latest market study on “UK Tax Software Market Forecast to 2027 – by Product Type (Software, Services); Tax Type (Sales Tax, Income Tax, Corporate Tax, Others); Deployment Type (On-Premises, Cloud); End User (Individual, Commercial); Industry Vertical (BFSI, Government, IT and Telecom, Healthcare, Government, Retail, Others)–COVID-19 Impact and US Analysis,” the UK tax software market was valued at US$ 611.3 million in 2019 and is projected to reach US$ 1,331.3 million by 2027; it is expected to grow at a CAGR of 10.5% from 2020 to 2027.

SMEs, including startups and international enterprises, are expanding their presence in the UK owing to a well-established economic structure of the country; this factor boosts the adoption of tax software among these enterprises for ensuring tax compliance. The number of tech giants is rising in the country owing to the booming economy and high literacy rate, and adoption of advanced technologies. These companies are involved in providing digital services to cater to the demand of the UK and the world, and they need to pay 3% tax on digital services. A number of software packages are available in the UK, which are designed to ensure that users file their taxes with HMRC while covering allowances and tax deductions. With rising number of freelancers, small business owners, and sole traders in the country, the need to have advanced software for filing tax is booming. Moreover, the tax industry players are also experiencing rise in digitalization and integration of advanced technologies in their offerings. The UK government has taken the Making Tax Digital (MTD) initiative and set out a vision to achieve the “end of tax return” and “transformed tax system” by 2020. The HM Revenue and Customs affirms that the foremost goal of the MTD initiative is to make tax administration more efficient, effective, and convenient for taxpayers. Thus, with the increasing number of taxpayers, sole traders, SMEs, and growing digitization, the tax industry is witnessing a tremendous shift towards the high amount of taxation.  

The tax software market is segmented on the basis of product type, tax type, end user, and industrial vertical. On the basis of product type, market is segmented as software and services. On the basis of tax type, market is segmented as sales tax, income tax, corporate tax, and others. On the basis of end user, market is segmented into Individual and commercial. On the basis of industrial vertical, market is segmented as BFSI, government, IT and telecom, healthcare, government, retail, others

The key companies profiled in the tax software market include Acorah Software Products Limited (TAXCALC), Andica Limited, BTC Software Limited, Gosimpletax Ltd., IRIS Software Group Ltd, Taxfiler Limited, Capium, FreeAgent, Nomisma, Sage Group Plc, Thomson Reuters, Wolters Kluwer, and Xero Limited. Several other players are also functioning in the market worldwide, contributing significant revenue shares year-on-year.

The report segments the UK tax software market as follows:

By Product Type

  • Software
  • Services

By Tax Type

  • Sales Tax
  • Income Tax
  • Corporate Tax
  • Others

By End User

  • Individual
  • Commercial

By Industrial Vertical

  • BFSI
  • Government
  • IT and telecom
  • Healthcare
  • Government
  • Retail
  • Others

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