UK tax software market

Dublin, Aug. 21, 2024 (GLOBE NEWSWIRE) — The report “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” was added to The Offer.

The UK tax software market is expected to grow from $1.28 billion in 2023 to $2.79 billion by 2031, with a compound annual growth rate (CAGR) of 10.2% expected during the period 2023-2031.

The ongoing digital revolution offers tremendous opportunities for companies to use digital services and automation to change their business models and traditional processes, thereby improving operational efficiency and revenue. Digital transformation or automation in companies is characterized by the integration of digital technology into various business processes, organizational activities and business models. The digitalization of tax systems contributes to improved operational efficiency, end-to-end optimization of business processes, and the reduction of costs and human errors.

Citizens in many countries, including the UK, find paying taxes to government bodies difficult and time-consuming. For many governments, improving tax compliance and generating sufficient revenue is a necessity to finance public goods and services. As a result, tax administrations are increasingly digitally transforming and automating their systems. Digitalized tax systems have the potential to deliver successful and sustainable tax reforms, ensure proper taxation and address compliance-related challenges.

In addition, the COVID-19 pandemic, which led to a boom in digital commerce, has made digital transformation particularly urgent for tax authorities. As a result, companies in the UK are increasingly turning to tax technology and automation to meet new electronic reporting requirements and improve the accuracy and efficiency of tax functions by leveraging the opportunities offered by automation. The corresponding investment by these companies in tax software technologies continues to rise, improving their ability to collect more tax information and gain more insight into taxpayers’ tax and financial position.

Tax software quickly ascertains a client’s overall financial situation and suggests insurance or investment products. It also provides services such as auditing, accounting, and preparing comprehensive financial plans. Moreover, the process of tax preparation has become faster and more efficient as extensive information is now available in digital format, which in turn would help tax preparers import their client data into their tax returns directly from the personal finance software with a single click.

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This eliminates the need to manually enter all those numbers. Acorah Software Products Limited (TaxCalc), BTCSoftware Limited, Gosimpletax Ltd., Capium, FreeAgent and Nomisma are some of the tax software providers operating in the UK. Taxpayers now also have mobile apps available to help them file their taxes electronically with ease. The increasing digitization of the tax system is therefore driving the growth of the UK tax software market.

Some of the major players profiled in the UK Tax Software Market report include 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.

Main features:

Dynamics of the UK tax software market

Market drivers

• Government initiatives to modernise the UK tax system

• Increasing acceptance among tax advisory and consulting firms

• Increasing digitalisation of tax systems

• Sustained demand from retail

Market restrictions

Market opportunities

Future trends

Tax software market landscape in the UK

Industry landscape

• overview

• Market initiative

• Product development

• Mergers and acquisitions

Company profiles

For more information about this report visit https://www.researchandmarkets.com/r/2z2qep

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