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)
UK Tax Software Market Forecast to 2027 – COVID-19 Impact and 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)
Number of Pages: 141
Market Introduction
Digitalization has encouraged end-user companies in the UK to adopt advanced technologies for reducing manual efforts in business process by implementing automated process to achieve increase in productivity along with efficient business outcomes. The availability of internet and various platforms, such as desktop and smartphone, allow individuals to avoid visiting tax offices; they can file a tax return and make a tax payment remotely. The rise in adoption of tax software end users such as commercial enterprises and individuals is further attributed to their capability to reduce the manual efforts of computing tax.
Tax software can be incorporated with various other software components, such as customer relationship management (CRM), enterprise resource planning (ERP), and reporting applications; also, the software performs calculations and generates reports. These software solutions offer real-time business visibility through their reports. Wide-ranging tax reporting and analysis across several businesses are increasing swiftly. To manage all the tax-related reports, organizations are embracing tax software. Due to the growing demand for cloud-based technologies in various industries, there is wide adoption of cloud-based tax software in these industries as is a cost-effective type with lowered processing time.
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Market Overview and Dynamics
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.
Rising freelancers, small business owners, sole traders within the country, the need to have advanced software for filing tax is booming. Moreover, with growing digitalization and the integration of advanced technologies into industries, the tax industry is not different. 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. To have effectiveness of the tax system, the scope of tax software is anticipated to propel in the country.
As per the market scenario, startups and international enterprises are expanding their presence within the UK owing to a well-established economic structure. This factor supports the growth of SMEs in the UK that would further help in the adoption of tax software as a means of addressing tax compliance. Owing to the booming economy, high literacy rate, and adoption of advanced technologies, the number of tech giants is rising in the country. Tech giants involved in providing digital services to cater to the demand of the UK and global are subjected to pay 3% tax on digital services. The imposition of tax on digital services on these tech giants is expected to increase the sales of taxation software in the UK.
Key Market Segments
Based on product type, the software segment dominated the UK tax software market in 2019. Along with increasing digitalization, businesses of all sizes are focusing on adopting automated solutions to ease out their business process. The advancements in applications of Information, Communication, and Technology (ICT) are paving the way for effective businesses. Tax software helps all the organizations dynamically monitor business activities and delivers alerts while establishing tax duties. This software is highly in demand owing to the evolving tax and accounting laws in various countries across the world. The advancements in applications of ICT sector are paving the way for effective businesses. Tax software helps all the organizations dynamically monitor business activities and delivers alerts while establishing tax duties. This software is highly in demand owing to the evolving tax and accounting laws in various countries in the world.
Based on deployment type, the cloud dominated the UK tax software market in 2019. With the cloud deployment of tax software, tax return information is stored and can be accessed any time. As cloud technologies are tremendously flexible to adapt to high rates of change, cloud-enabled finance systems facilitate businesses to expand around the world without making significant investments into their technology infrastructure. The cloud-based tax software provides precise calculations from a distantly hosted tax decision engine, which is accessed through the internet.
Based on tax type, the sales tax dominated the UK tax software market in 2019. The software saves business from additional expenses as there is no need to hire tax experts. These factors are anticipated to boost the market for the sales tax segment during the forecast period.
Based on end user, the commercial enterprises dominated the UK tax software market. Large enterprises deal with a large volume of data; thus, the adoption of tax software is high in these enterprises. However, the growing awareness regarding tax software among SMEs is further supporting the growth of market for SMEs.
Based on industry vertical, the retail segment dominated the UK tax software market in 2019. Retailers around the world are focused on implementing advanced technologies in various operations; hence they are inclined toward adopting cloud-based technology. The retail industry has transformed immensely over the past years. Retailers are focusing on sales tax strategy that works more than just a tax compliance purpose.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the UK tax software market in the UK are company websites, annual reports, financial reports, national government documents, and statistical database. Major companies listed in the UK tax software market report are Acorah Software Products Limited (TaxCalc), Andica Limited, BTC Software Limited, GoSimpleTax Ltd., IRIS Software Group Ltd, Sage Group plc, Taxfiler Limited, Wolters Kluwer, Thomson Reuters (Digita), Capium, FreeAgent, and Xero Limited.
Reasons to Buy Report
- To understand the UK tax software market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive market landscape
- Efficiently plan mergers and acquisitions, and partnership deals in the UK tax software market by identifying market segments with the most promising probable sales
- Take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segments in the market.
- Obtain the UK tax software market revenue forecast on the basis of various segments, for the period 2020–2027.
UK TAX SOFTWAREMARKET SEGMENTATION
- Software
- Services
- Sales Tax
- Income Tax
- Corporate Tax
- Others
By Deployment Type
- On-Premises
- Cloud
By End User
- Individual
- Commercial
By Vertical
- BFSI
- Government
- IT and Telecom
- Healthcare
- Government
- Retail
- Others
Company Profiles
- Acorah Software Products Limited (TaxCalc)
- Andica Limited
- BTCSoftware Limití
- GoSimpleTax Ltd.
- IRIS Software Group Ltd
- Sage Group plc.
- Taxfiler Limited
- Capium
- FreeAgent
- Nomisma
- Thomson Reuters Corporation
- Wolters Kluwer
- Xero Limited
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Tax Software Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 UK – PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Tax Software–Market Dynamics
5.1 Market Drivers
5.1.1 Increase in Digitization Fuelling Overall Growth of Tax Systems
5.1.2 Retail Sector Continue to Stimulate Tax Software Demand
5.2 Market Restraints
5.2.1 Increasing Incidences of Cyberattacks
5.3 Market Opportunities
5.3.1 Use of Blockchain Technology
5.4 Future Trends
5.4.1 Enhancing Business Processes in Various Industries
5.5 Impact Analysis of Drivers and Restraints
6. Tax Software Market – UK Analysis
6.1 Tax Software Market UK Overview
6.2 Tax Software Market – Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning – UK Key Players
7. Tax Software Market Analysis – By Product Type
7.1 Overview
7.2 Tax Software Market Breakdown, by Product Type, 2019 & 2027
7.3 Software
7.3.1 Overview
7.3.2 Software Market Revenue and Forecast to 2027 (US$ Million)
7.4 Service
7.4.1 Overview
7.4.2 Service Market Revenue and Forecast to 2027 (US$ Million)
8. Tax Software Market Analysis – By Deployment Type
8.1 Overview
8.2 Tax Software Market Breakdown, by Deployment Type, 2019 & 2027
As can be seen from the figure below, the cloud segment led the tax software market with a market share of 68.0% in 2019. Further, it is expected to garner 72.8% share by 2027.
8.3 On-Premise
8.3.1 Overview
8.3.2 On-Premise Market Revenue and Forecast to 2027 (US$ Million)
8.4 Cloud
8.4.1 Overview
8.4.2 Cloud Market Revenue and Forecast to 2027 (US$ Million)
9. Tax Software Market Analysis – By Tax Type
9.1 Overview
9.2 Tax Software Market Breakdown, by Tax Type, 2019 & 2027
9.3 Sales Tax
9.3.1 Overview
9.3.2 Sales Tax Market Revenue and Forecast to 2027 (US$ Million)
9.4 Income Tax
9.4.1 Overview
9.4.2 Income Tax Market Revenue and Forecast to 2027 (US$ Million)
9.5 Corporate Tax
9.5.1 Overview
9.5.2 Corporate Tax Market Revenue and Forecast to 2027 (US$ Million)
9.6 Others
9.6.1 Overview
9.6.2 Others Market Revenue and Forecast to 2027 (US$ Million)
10. Tax Software Market Analysis – By End-User
10.1 Overview
10.2 Tax Software Market Breakdown, by End-User, 2019 & 2027
10.3 Individual
10.3.1 Overview
10.3.2 Individual Market Revenue and Forecast to 2027 (US$ Million)
10.4 Commercial Enterprises
10.4.1 Overview
10.4.2 Commercial Enterprises Market Revenue and Forecast to 2027 (US$ Million)
11. Tax Software Market Analysis – By Vertical
11.1 Overview
11.2 Tax Software Market Breakdown, by Vertical, 2019 & 2027
11.3 BFSI
11.3.1 Overview
11.3.2 BFSI Market Revenue and Forecast to 2027 (US$ Million)
11.4 IT and Telecom
11.4.1 Overview
11.4.2 IT and Telecom Market Revenue and Forecast to 2027 (US$ Million)
11.5 Healthcare
11.5.1 Overview
11.5.2 Healthcare Market Revenue and Forecast to 2027 (US$ Million)
11.6 Government
11.6.1 Overview
11.6.2 Government Market Revenue and Forecast to 2027 (US$ Mn)
11.7 Retail
11.7.1 Overview
11.7.2 Retail Market Revenue and Forecast to 2027 (US$ Mn)
11.8 Others
11.8.1 Overview
11.8.2 Others Market Revenue and Forecast to 2027 (US$ Mn)
12. Impact OF COVID-19 Pandemic on UK Tax Software Market
12.1 UK: Impact assessment of COVID-19 Pandemic
13. Industry Landscape
13.1 Market Initiative
13.2 Product Development
13.3 Mergers and Acquisitions
14. Company Profiles
14.1 Acorah Software Products Limited
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 Andica Limited
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 BTCSoftware Limited
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 Capium Ltd.
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 FreeAgent
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 GoSimpleTax Ltd
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 IRIS Software Group Ltd
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 Nomisma
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 Taxfiler Limited
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 The Sage Group plc
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and Services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments
14.11 Thomson Reuters Corporation
14.11.1 Key Facts
14.11.2 Business Description
14.11.3 Products and Services
14.11.4 Financial Overview
14.11.5 SWOT Analysis
14.11.6 Key Developments
14.12 Wolters Kluwer
14.12.1 Key Facts
14.12.2 Business Description
14.12.3 Products and Services
14.12.4 Financial Overview
14.12.5 SWOT Analysis
14.12.6 Key Developments
14.13 Xero Limited
14.13.1 Key Facts
14.13.2 Business Description
14.13.3 Products and Services
14.13.4 Financial Overview
14.13.5 SWOT Analysis
14.13.6 Key Developments
15. Appendix
15.1 About The Insight Partners
15.2 Glossary of Terms
LIST OF TABLES
Table 1. Tax Software Market – Revenue and Forecast to 2027 (US$ Million)
Table 2. Glossary of Term: Tax Software Market
LIST OF FIGURES
Figure 1. Tax Software Market Segmentation
Figure 2. The UK Tax Software Market Overview
Figure 3. Cloud Segment to Show Remarkable Traction During Forecast Period
Figure 4. Sales Tax Segment to Dominated the Market
Figure 5. Software Segment to Dominated the Market
Figure 6. Retail Segment to Dominated the Market
Figure 7. Commercial Enterprises Segment to Dominated the Market
Figure 8. UK – PEST Analysis
Figure 9. Ecosystem Analysis
Figure 10. Expert Opinion
Figure 11. Tax software Market Impact Analysis of Drivers and Restraints
Figure 12. Tax Software Market – Revenue and Forecast to 2027 (US$ Million)
Figure 13. Tax Software Market Breakdown, by Product Type (2019 and 2027)
Figure 14. Software Market Revenue and Forecast to 2027(US$ Million)
Figure 15. Service Market Revenue and Forecast to 2027(US$ Million)
Figure 16. Tax Software Market Breakdown, by Deployment Type (2019 and 2027)
Figure 17. On-Premise Market Revenue and Forecast to 2027(US$ Million)
Figure 18. Cloud Market Revenue and Forecast to 2027(US$ Million)
Figure 19. Tax Software Market Breakdown, by Tax Type (2019 and 2027)
Figure 20. Sales Tax Market Revenue and Forecast to 2027(US$ Million)
Figure 21. Income Tax Market Revenue and Forecast to 2027(US$ Million)
Figure 22. Corporate Tax Market Revenue and Forecast to 2027(US$ Million)
Figure 23. Others Market Revenue and Forecast to 2027(US$ Million)
Figure 24. Tax Software Market Breakdown, by End-User (2019 and 2027)
Figure 25. Individual Market Revenue and Forecast to 2027(US$ Million)
Figure 26. Commercial Enterprises Market Revenue and Forecast to 2027(US$ Million)
Figure 27. Tax Software Market Breakdown, by Vertical (2019 and 2027)
Figure 28. BFSI Market Revenue and Forecast to 2027(US$ Million)
Figure 29. IT and Telecom Market Revenue and Forecast to 2027(US$ Million)
Figure 30. Healthcare Market Revenue and Forecast to 2027(US$ Million)
Figure 31. Government Market Revenue and Forecast to 2027(US$ Mn)
Figure 32. Retail Market Revenue and Forecast to 2027(US$ Mn)
Figure 33. Others Market Revenue and Forecast to 2027(US$ Mn)