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UK Tax Software Market Forecast to 2028 - COVID-19 Impact and Country Analysis By Component (Software and Services), Tax Type (Sales Tax, Income Tax, Corporate Tax, and Others), Deployment Type (Cloud and On-Premises), End User (Individual and Commercial), Enterprise Size (Small Enterprises, Medium Enterprises, and Large Enterprises), Industry Vertical (BFSI, Government, IT and Telecom, Healthcare, Retail, and Others)

February 2023 | 153 pages | ID: UAA624857C87EN
The Insight Partners

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The UK tax software market size is projected to grow from US$ 1,180.13 million in 2022 to US$ 2,038.45 million by 2028; the market is estimated to register at a CAGR of 9.5% from 2022 to 2028.

An increase in the digitization of tax systems and a continued demand from the retail sector drive the growth of the UK tax software market.

Startups and international enterprises are expanding their presence across the UK owing to a well-established economic structure. SMEs and other established enterprises in the country adopt tax software to address tax compliance. 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 3% tax on digital services. The UK government took the initiative named Making Tax Digital with a vision for the “end of the tax return” and to have a “transformed tax system” by 2020. The HM Revenue and Customs (HMRC) affirm that the foremost goal of 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. Therefore, the digital services tax has succeeded in raising more tax from some big digital companies, which propelled the UK tax software market growth. Sage Business Cloud Accounting, Xero, FreeAgent, GoSimpleTax, and TaxCalc are among the most commonly used tax software solutions across the UK.

On the basis of tax type, the UK tax software market has been segmented into sales tax, income tax, corporate tax, and others. The sales tax segment led the UK tax software market with a larger market share in 2021. Sales tax software streamlines, automates, and integrates operations such as tax calculation, management, and reporting. The software meant for this tax type features abilities such as value-added tax, consumer use tax management, and tax return filing. The software finds and calculates sales tax rates precisely using advanced validation technology. With technological advancements, various countries have begun to file returns and pay taxes electronically with the help of sales tax software. Some states in the UK accept credit cards for tax payments. Companies selling their products focus on managing sales tax; hence, they are implementing solutions such as sales tax software to automate the steps of a tax process, such as calculating returns and filing the tax.

Based on deployment type, the UK tax software market is bifurcated into on-premise and cloud. Tax software is used by various industries such as BFSI, retail, and government. These industries have huge number of customers, which, in turn, results in huge data generation. As a result, these businesses need effective solutions to handle such huge data volumes. To overcome storage problems faced when storing data locally, businesses prefer cloud-based storage systems. Small enterprises widely prefer cloud deployment, as it does not require an implementation cost. Thus, companies that are planning to make significant investments in tax software are expected to shift toward modern platforms by adopting cloud-based solutions.

The UK tax software market is segmented on the basis of component, tax type, deployment type, end user, enterprise size, and industry vertical. Based on component, the UK tax software market is bifurcated into software and services. The UK tax software market, by tax type, is segmented into sales tax, income tax, corporate tax, and others. Based on deployment type, the UK tax software market is bifurcated into cloud and on-premises. In terms of enterprise size, the UK tax software market is segmented into small enterprises, medium enterprises, and large enterprises. Based on end user, the UK tax software market is segmented into individual, and commercial. The UK tax software market, by industry vertical, is segmented into BFSI, government, IT and telecom, healthcare, retail, and others.

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. The process 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; national sales managers; and external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the UK tax software market growth.

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
4.3 Ecosystem Analysis
4.4 Expert Opinion

5. TAX SOFTWARE–MARKET DYNAMICS

5.1 Market Drivers
5.1.1 Increase in Digitization of Tax Systems
5.1.2 Continued Demand from Retail Sector
5.2 Market Restraints
5.2.1 Reluctance to Adoption of Tax Software due to Cost and Operational Complexities
5.3 Market Opportunities
5.3.1 Government Support for Digitalization of Tax System
5.3.2 Flourishment of Tax Industry
5.4 Future Trends
5.4.1 Integration of Advanced Technologies
5.5 Impact Analysis of Drivers and Restraints

6. TAX SOFTWARE MARKET – UK ANALYSIS

6.1 Tax Software Market UK Overview
6.2 UK Tax Software Market – Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning – Five Key Players

7. UK TAX SOFTWARE MARKET ANALYSIS – BY COMPONENT

7.1 Overview
7.2 UK Tax Software Market Breakdown, by Component, 2021 & 2028
7.3 Software
7.3.1 Overview
7.3.2 Software Market Revenue and Forecast to 2028 (US$ Million)
7.4 Service
7.4.1 Overview
7.4.2 Service Market Revenue and Forecast to 2028 (US$ Million)

8. UK TAX SOFTWARE MARKET ANALYSIS – BY TAX TYPE

8.1 Overview
8.2 UK Tax Software Market Breakdown, by Tax Type, 2021 & 2028
8.3 Sales Tax
8.3.1 Overview
8.3.2 Sales Tax Market Revenue and Forecast to 2028 (US$ Million)
8.4 Income Tax
8.4.1 Overview
8.4.2 Income Tax Market Revenue and Forecast to 2028 (US$ Million)
8.5 Corporate Tax
8.5.1 Overview
8.5.2 Corporate Tax Market Revenue and Forecast to 2028 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others Market Revenue and Forecast to 2028 (US$ Million)

9. UK TAX SOFTWARE MARKET ANALYSIS – BY DEPLOYMENT TYPE

9.1 Overview
9.2 UK Tax Software Market Breakdown, by Deployment Type, 2021 & 2028
9.3 Cloud
9.3.1 Overview
9.3.2 Cloud Market Revenue and Forecast to 2028 (US$ Million)
9.4 On-Premise
9.4.1 Overview
9.4.2 On-Premise Market Revenue and Forecast to 2028 (US$ Million)

10. UK TAX SOFTWARE MARKET ANALYSIS – BY END USER

10.1 Overview
10.2 UK Tax Software Market Breakdown, by End User, 2021 & 2028
10.3 Individual
10.3.1 Overview
10.3.2 Individual Market Revenue and Forecast to 2028 (US$ Million)
10.4 Commercial Enterprises
10.4.1 Overview
10.4.2 Commercial Enterprises Market Revenue and Forecast to 2028 (US$ Million)

11. UK TAX SOFTWARE MARKET ANALYSIS – BY ENTERPRISE SIZE

11.1 Overview
11.2 UK Tax Software Market Breakdown, by Enterprise Size, 2021 & 2028
11.3 Small Enterprises
11.3.1 Overview
11.3.2 Small Enterprises Market Revenue and Forecast to 2028 (US$ Million)
11.4 Medium Enterprises
11.4.1 Overview
11.4.2 Medium Enterprises Market Revenue and Forecast to 2028 (US$ Million)
11.5 Large Enterprises
11.5.1 Overview
11.5.2 Large Enterprises Market Revenue and Forecast to 2028 (US$ Million)

12. UK TAX SOFTWARE MARKET ANALYSIS – BY INDUSTRY VERTICAL

12.1 Overview
12.2 UK Tax Software Market Breakdown, by Industry Vertical, 2021 & 2028
12.3 BFSI
12.3.1 Overview
12.3.2 BFSI Market Revenue and Forecast to 2028 (US$ Million)
12.4 Government
12.4.1 Overview
12.4.2 Government Market Revenue and Forecast to 2028 (US$ Mn)
12.5 IT and Telecom
12.5.1 Overview
12.5.2 IT and Telecom Market Revenue and Forecast to 2028 (US$ Million)
12.6 Healthcare
12.6.1 Overview
12.6.2 Healthcare Market Revenue and Forecast to 2028 (US$ Million)
12.7 Retail
12.7.1 Overview
12.7.2 Retail Market Revenue and Forecast to 2028 (US$ Mn)
12.8 Others
12.8.1 Overview
12.8.2 Others Market Revenue and Forecast to 2028 (US$ Mn)

13. IMPACT OF COVID-19 PANDEMIC ON UK TAX SOFTWARE MARKET

13.1 UK: Impact assessment of COVID-19 Pandemic

14. INDUSTRY LANDSCAPE

14.1 Market Initiative
14.2 Product Development
14.3 Mergers and Acquisitions

15. COMPANY PROFILES

15.1 Acorah Software Products Limited
15.1.1 Key Facts
15.1.2 Business Description
15.1.3 Products and Services
15.1.4 Financial Overview
15.1.5 SWOT Analysis
15.1.6 Key Developments
15.2 BTCSoftware Limited (Bright Software Group)
15.2.1 Key Facts
15.2.2 Business Description
15.2.3 Products and Services
15.2.4 Financial Overview
15.2.5 SWOT Analysis
15.2.6 Key Developments
15.3 Capium Ltd.
15.3.1 Key Facts
15.3.2 Business Description
15.3.3 Products and Services
15.3.4 Financial Overview
15.3.5 SWOT Analysis
15.3.6 Key Developments
15.4 FreeAgent
15.4.1 Key Facts
15.4.2 Business Description
15.4.3 Products and Services
15.4.4 Financial Overview
15.4.5 SWOT Analysis
15.4.6 Key Developments
15.5 GoSimpleTax Ltd
15.5.1 Key Facts
15.5.2 Business Description
15.5.3 Products and Services
15.5.4 Financial Overview
15.5.5 SWOT Analysis
15.5.6 Key Developments
15.6 IRIS Software Group Ltd
15.6.1 Key Facts
15.6.2 Business Description
15.6.3 Products and Services
15.6.4 Financial Overview
15.6.5 SWOT Analysis
15.6.6 Key Developments
15.7 Nomisma
15.7.1 Key Facts
15.7.2 Business Description
15.7.3 Products and Services
15.7.4 Financial Overview
15.7.5 SWOT Analysis
15.7.6 Key Developments
15.8 The Sage Group plc
15.8.1 Key Facts
15.8.2 Business Description
15.8.3 Products and Services
15.8.4 Financial Overview
15.8.5 SWOT Analysis
15.8.6 Key Developments
15.9 Thomson Reuters Corporation
15.9.1 Key Facts
15.9.2 Business Description
15.9.3 Products and Services
15.9.4 Financial Overview
15.9.5 SWOT Analysis
15.9.6 Key Developments
15.10 Xero Limited
15.10.1 Key Facts
15.10.2 Business Description
15.10.3 Products and Services
15.10.4 Financial Overview
15.10.5 SWOT Analysis
15.10.6 Key Developments

16. APPENDIX

16.1 About The Insight Partners
16.2 Glossary of Terms
LIST OF TABLES

Table 1. UK Tax Software Market – Revenue and Forecast to 2028 (US$ Million)
Table 2. Glossary of Term: Tax Software Market
LIST OF FIGURES

Figure 1. UK Tax Software Market Segmentation
Figure 2. The UK Tax Software Market Overview
Figure 3. Software Segment to Show Remarkable Traction During Forecast Period
Figure 4. Sales Tax Segment to Dominated the Market
Figure 5. Cloud Segment to Dominated the Market
Figure 6. Commercial Enterprises Segment to Dominated the Market
Figure 7. Large Enterprises Segment to Dominated the Market
Figure 8. IT & Telecom Segment to Dominated the Market
Figure 9. UK – PEST Analysis
Figure 10. Ecosystem Analysis
Figure 11. Expert Opinion
Figure 12. UK Tax software Market Impact Analysis of Drivers, Restraints, and Trend
Figure 13. UK Tax Software Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. UK Tax Software Market Breakdown, by Component (2021 and 2028)
Figure 15. Software Market Revenue and Forecast to 2028(US$ Million)
Figure 16. Service Market Revenue and Forecast to 2028(US$ Million)
Figure 17. UK Tax Software Market Breakdown, by Tax Type (2021 and 2028)
Figure 18. Sales Tax Market Revenue and Forecast to 2028(US$ Million)
Figure 19. Income Tax Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. Corporate Tax Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. Others Market Revenue and Forecast to 2028 (US$ Million)
Figure 22. UK Tax Software Market Breakdown, by Deployment Type (2021 and 2028)
Figure 23. Cloud Market Revenue and Forecast to 2028 (US$ Million)
Figure 24. On-Premise Market Revenue and Forecast to 2028(US$ Million)
Figure 25. UK Tax Software Market Breakdown, by End User (2021 and 2028)
Figure 26. Individual Market Revenue and Forecast to 2028 (US$ Million)
Figure 27. Commercial Enterprises Market Revenue and Forecast to 2028 (US$ Million)
Figure 28. UK Tax Software Market Breakdown, by Enterprise Size (2021 and 2028)
Figure 29. Small Enterprises Market Revenue and Forecast to 2028 US$ Million)
Figure 30. Medium Enterprises Market Revenue and Forecast to 2028(US$ Million)
Figure 31. Large Enterprises Market Revenue and Forecast to 2028(US$ Million)
Figure 32. UK Tax Software Market Breakdown, by Industry Vertical (2021 and 2028)
Figure 33. BFSI Market Revenue and Forecast to 2028 (US$ Million)
Figure 34. Government Market Revenue and Forecast to 2028 (US$ Mn)
Figure 35. IT and Telecom Market Revenue and Forecast to 2028 (US$ Million)
Figure 36. Healthcare Market Revenue and Forecast to 2028 (US$ Million)
Figure 37. Retail Market Revenue and Forecast to 2028 (US$ Mn)
Figure 38. Others Market Revenue and Forecast to 2028 (US$ Mn)


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