Bruce Martin, CEO, Tax Systems
Today we're meeting Bruce Martin, the CEO of Tax Systems, the leading provider of tax compliance software across the UK, Ireland, and Europe.
Over to you Bruce - my questions are in bold.
Who are you and what's your background?
My name is Bruce Martin, and I'm the CEO of Tax Systems, the leading provider of tax compliance software across the UK, Ireland, and Europe. I grew up in South Africa, and moved to England in 2006. Like a lot of my generation, I was captivated by technology from an early age – taking apart computers, experimenting with code, and discovering how digital tools could transform the way we work. That fascination never faded. While I pursued a career in finance, my real passion lay at how it intersected with technology – where innovation meets efficiency. This drive has shaped my career in FinTech, where I thrive on solving complex challenges, scaling businesses, and leading teams to build the future of tax and compliance technology.
What is your job title and what are your general responsibilities?
As CEO of Tax Systems, I'm responsible for the strategic direction of the company. This includes ensuring the business is proactive in seizing opportunities and also closely aligned with customer needs. I focus heavily on empowering our senior leadership team by placing the right people in key positions, and fostering their success. In addition, I have responsibility for overseeing investor relations and supporting our key growth initiatives, such as our recent acquisition in the Netherlands, new product launches, and ongoing expansion to the Middle East.
Can you give us an overview of your business?
Tax Systems is a game-changing creator of smarter tax compliance software that transforms the way tax professionals work and enables organisations to get ahead and stay in front. We are building industry-leading solutions covering core tax function areas like tax data, regulatory reporting, and practice management, bringing unique capabilities to translate complex, ever-changing tax legislation into easy-to-use solutions. We operate a SaaS-based revenue model with scalable, subscription-based pricing.
We currently work with around 40% of the FTSE 100 and 80% of the top advisory firms in the UK and Ireland -- over 1,500 customers trust our software to get their tax calculations right. There are 30,000 tax professionals trained to use our solutions, filing over 200,000 submissions annually.
In recent years, the business has evolved significantly from a UK-focused company to one with a broader reach across Europe and the Middle East. We invest heavily in research and development to bring new, advanced technology into the tax compliance arena to increase efficiency and maintain the accuracy of the process for our clients.
Tell us how you are funded?
Since 2019, we have been backed by Bowmark Capital, a leading private equity investment firm specialising in growth companies. Before that, the business was listed on AIM.
What's the origin story? What problems does it aim to solve?
Our reputation is built on over 30 years of delivering solutions that make a real difference to tax professionals. The business initially focused on corporation tax compliance in the UK and Ireland by addressing the complexities businesses faced in adhering to tax regulations. Over time, we have expanded our offerings to include a broader suite of tax solutions -- localised tax engines through region-specific tax calculations and global tax compliance solutions, reflecting our growth and ability to adapt to market demands. And today, we are continuing to evolve our products, building on this solid foundation of developing proven technology for our customers with our modular platform for international tax compliance.
Our platform supports businesses as they transition from fragmented, manual processes to streamlined, automated workflows, making compliance more manageable and scalable. We're successful because we enable our customers to reduce inefficiencies, improve the accuracy of tax compliance and address the growing complexity of domestic and international requirements. Our approach aligns with the broader FinTech mission of improving operational efficiency through tech-led innovation.
To achieve this, we work with like-minded organisations who share our forward-thinking approach. This strengthens our commitment to advancing tax technology for all and supports the global tax digitisation agenda.
Who are your target customers? What's your revenue model?
We primarily work with large and multinational corporations and accounting firms, including organisations with in-house tax teams and those who outsource compliance. While initially focused on markets in the UK and Ireland, the business has now expanded to address tax compliance needs across Europe and the Middle East, targeting large enterprises in these regions. As mentioned, around 40% of the FTSE 100 are direct customers of our software, and we work with 80% of the largest accounting firms in the UK and Ireland, meaning we have an indirect relationship with a significant proportion of our overall market.
We operate a SaaS-based revenue model, with customers paying a recurring fee for access to the software, including service tiers which enable customers to choose the package that aligns with their specific tax compliance needs. For Tax Systems, this approach supports predictable and scalable revenue generation, allowing us to grow our customer base and expand geographically without significant changes to our delivery model.
At the enterprise level, our ability to serve both direct and indirect customers gives us an advantage over many of our competitors, especially in the corporation tax compliance space. This dual-channel approach ensures broad market coverage and makes the solutions appealing to both corporate tax departments and service providers.
If you had a magic wand, what one thing would you change in the banking and/or FinTech sector?
One of the major problems we all share is that current tax regulations and compliance requirements vary significantly across countries and regions, leading to fragmented, inconsistent and highly manual processes. Different countries require unique ways of capturing, reporting and managing tax data, which creates inefficiencies for multinationals trying to comply with multiple tax systems simultaneously. These discrepancies increase operational costs, compliance risks, and administrative burdens for businesses.
So, if I could wave a magic wand, I would create a globally accepted, standardised framework for tax data exchange, particularly for multinational corporations. This would deliver huge benefits, from simplifying how businesses collect, manage and report tax data across jurisdictions and eliminating redundant or conflicting regulatory requirements to enabling seamless integration of tax automation tools with global regulatory systems. I am under no illusion that I would really need a magic wand to make that happen though!
What is your message for the larger players in the Financial Services marketplace?
My main message is that it's time for them to invest in advanced tax technology. As governments and regulators worldwide introduce more complex tax laws and reporting requirements, the financial services marketplace is coming under increasing pressure to adapt quickly. Without advanced tools, these businesses are at serious risk of falling behind, incurring penalties and damaging their reputations.
Multinational financial services firms, in particular, face unique challenges in managing cross-border tax compliance. They require solutions that can handle the nuances of local regulations while also addressing global transparency requirements. But, by embracing tax technology, larger players can reduce compliance risks and administrative burdens, gain a competitive edge by leveraging predictive analytics and reporting tools to make better decisions and foster trust with regulators by maintaining transparency and accuracy in reporting.
Getting there is dependent on a shift in mindset from industry leaders -- away from viewing tax compliance as a cost centre to seeing it as a strategic investment in operational resilience and innovation.
Where do you get your Financial Services/FinTech industry news from?
For industry-focused news and insight, I look to publications such as AccountingWeb and Tax Pro Today. On a broader level, I'm a fan of TechCrunch, who do a great job of covering the tech industry in general, its trends and breaking stories.
Can you list 3 people you rate from the FinTech and/or Financial Services sector that we should be following on LinkedIn, and why?
In no particular order, I rate Anne Boden, the founder and CEO of Starling Bank and a digital banking pioneer; Zane Khan, an AI enthusiast who posts regularly about AI trends and applications in financial services; and Lara Sophie Bothur, who is a business influencer for Deloitte, focused on digital transformation and thought leadership. I find it so interesting that influencers are now making it into the business space!
What FinTech services (and/or apps) do you personally use?
I have to say Monzo is my favourite Fintech service. There are many things I like about it, including seamless currency exchange with real-time rates, no commission fees and transparent spending insights. For me, these are ideal for business and personal travel. I also like their ability to link accounts for dependents, offering flexibility and control for families. Overall, it's reliable, user-friendly and consistently innovative.
What's the best new FinTech product or service you've seen recently?
It doesn't perhaps classify as particularly recent, but Bitcoin continues to stand out for its groundbreaking potential to transform financial transactions and currency management. Its ability to continually challenge traditional financial systems and introduce decentralised, borderless payments is extremely significant.
It also exemplifies how FinTech can disrupt long-standing norms, the traditional role of currency and financial intermediaries. Looking ahead, Bitcoin still serves as the standout test case for broader blockchain adoption, influencing the evolution of financial products globally.
Finally, let's talk predictions. What trends do you think are going to define the next few years in the FinTech sector?
From my perspective, there are two trends that will help shape the direction of FinTech in the next few years. The first, of course, is AI, which will drive a whole host of innovations from predictive analytics, and personalised financial services to compliance automation, and in doing so, will significantly streamline operations and enhance customer experiences. Then, there is blockchain, which will enable the wider integration of secure tax transparency, decentralised finance and seamless cross-border payments, particularly because organisations will be able to record appropriate levels of cross-border transactions in a very efficient and transparent way. It will be fascinating to see where these technologies take us and how quickly we get there.
Thank you very much indeed Bruce!
You can read more about Bruce on his LinkedIn profile and find out more about Tax Systems at www.taxsystems.com/.