Dublin, Aug. 21, 2024 (GLOBE NEWSWIRE) -- The "UK Tax Software Market Size and Forecast, Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component, Tax Type, Deployment Type, End User, and Geography" report has been added to ResearchAndMarkets.com's offering.
The UK tax software market size 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 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.
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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 188 |
| Forecast Period | 2023 - 2031 |
| Estimated Market Value (USD) in 2023 | $1.28 Billion |
| Forecasted Market Value (USD) by 2031 | $2.79 Billion |
| Compound Annual Growth Rate | 10.2% |
| Regions Covered | United Kingdom |
UK Tax Software Market Dynamics
Market Drivers
- Government Initiatives to Modernize UK Tax System
- Increasing Adoption Among Tax Advisory and Consulting Companies
- Increase in Digitization of Tax Systems
- Continued Demand from Retail Sector
Market Restraints
- Growing Number of Cyber-attacks
- Reluctance to Adoption of Tax Software due to Cost and Operational Complexities
Market Opportunities
- Rising Adoption of Advanced Technologies
- Expanding Tax Industry
Future Trends
- Increasing Adoption of Blockchain Technology
UK Tax Software Market Landscape
- Overview
- PEST Analysis
- Ecosystem Analysis
- List of Vendors in Value Chain
- Premium Insights
- Company Benchmarking
Industry Landscape
- Overview
- Market Initiative
- Product Development
- Mergers & Acquisitions
Company Profiles
- 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
- THE ACCESS GROUP
For more information about this report visit https://www.researchandmarkets.com/r/2z2qep
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