Core Viewpoint - UK accountancy firms are lobbying against anticipated tax reforms that could affect partnership structures, with concerns rising across various professional sectors as the Chancellor is expected to announce changes in the upcoming Budget [1][4]. Group 1: Tax Reforms and Implications - The Centre for the Analysis of Taxation estimates that around 200,000 individuals could be affected by the proposed tax changes, potentially generating £1.9 billion ($2.5 billion) annually for the government [2]. - The proposed changes may eliminate the exemption for national insurance contributions for limited liability partnerships (LLPs), raising the marginal tax rate for partners from approximately 47% to 54% [3]. Group 2: Industry Response - Senior representatives from the Big Four accountancy firms and related trade bodies have begun discussions with government ministers in response to the anticipated tax changes [3]. - The industry is questioning whether the government's proposal is a definitive plan or merely a test of reactions, with speculation that firms might pass on additional tax costs to clients, including the UK government [4]. Group 3: Alternative Structures and Contingency Planning - Some firms are considering alternative business structures to mitigate the tax impact, including incorporating as a classic "limited" corporate structure, adopting a general partnership model, or relocating services outside the UK [5]. - Contingency planning is reportedly already underway within some firms to address the potential tax changes [5]. Group 4: Competitive Concerns - A partner from one of the Big Four firms expressed concerns about the UK's competitiveness, acknowledging the Chancellor's challenges in tax collection while cautioning against putting the UK at a competitive disadvantage [6].

Economic Outlook - Treasury Secretary Scott Bessent expressed confidence in the U.S. economy, highlighting key deflationary trends and tax policy changes that are positively impacting working Americans [1][2] - Bessent anticipates that 2026 and 2027 will be strong years for the economy, attributing this to recent tax reforms enacted by President Trump [2] Tax Reforms and Disposable Income - The recent tax reforms include no taxes on tips, overtime, and Social Security, as well as the deductibility of auto loans for American cars, which are expected to boost real income [2] - Many workers have kept their withholding levels unchanged, leading to substantial tax refunds in the first quarter of next year, which will increase disposable income [3][4] Inflation and Consumer Price Index - Bessent stated that the administration has the affordability crisis, referred to as "Biden inflation," under control, with energy prices decreasing [5] - The Consumer Price Index (CPI) is expected to show a downward trend in the coming months, with the September report delayed but anticipated to impact Federal Reserve interest rate decisions [5][6] - A significant increase in the number of CPI components experiencing price surges was noted, rising from 55% a year ago to 72%, primarily due to Trump's tariffs [6]

Financial Data and Key Metrics Changes - The company generated approximately $300 million in revenue and adjusted EBITDA of $17.2 million in Q2 2025, with adjusted EBITDA up by $1 million compared to the same quarter last year despite an 11% decline in revenue [11] - Total adjusted SG&A expenses were $64.9 million, representing 77.4% of gross profit, down from $70.8 million and 78.8% of gross profit in the same quarter last year, indicating an 8.3% reduction [11] Business Line Data and Key Metrics Changes - The power sports group sold 17,117 total major units, down 3.3% year-over-year, with new unit sales down 11.5% and pre-owned unit sales up 10.2% [12] - Revenue from parts, services, and accessories was $52.4 million, a 7.9% decline, while gross profit was $24.9 million, down 5% [13] - Financing and insurance teams generated $27.2 million in gross profit, reflecting an 8.4% decline compared to the previous year [13] Market Data and Key Metrics Changes - Revenue from the powersports dealership group was $298.6 million, down 7.2% year-over-year, while gross profit was $83.7 million, down 3.6% [14] - Wholesale Express revenue was $1.3 million, a significant decline of 91.4% compared to the same quarter last year, with gross profit decreasing by 93.5% to $200,000 [15] Company Strategy and Development Direction - The company is rebranding to Ride Now Group Inc., with a focus on simplifying operations and aligning corporate and store functions to enhance customer service [8] - A term loan amendment extended maturity by 13 months to September 30, 2027, providing necessary runway for business improvement initiatives [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current pricing environment, indicating that the industry appears to have bottomed out and is beginning to show signs of recovery [21][22] - The company is focused on rebuilding the Wholesale Express sales force and exploring new B2C opportunities, indicating a strategic shift in operations [25][26] Other Important Information - The company ended the quarter with $59.8 million in total cash and $185.1 million in non-vehicle net debt, with total available liquidity of $185.7 million [15] - Cash flow from operating activities was $4 million for the first half of 2025, a significant decrease from $29 million in the same period of 2024 [15] Q&A Session Summary Question: Current pricing environment for new and pre-owned vehicles - Management noted that the industry seems to have stabilized, with signs of an upward trajectory in pricing for both new and pre-owned vehicles [21][22] Question: Update on Wholesale Express and rebuilding the sales force - Management indicated a reset approach, focusing on relationship-driven business and exploring new B2C opportunities, while acknowledging challenges in finding the right brokers [25][26]

Tax Reform Complexity - Tax reforms generally aim for simplification, but this legislation introduces more complexity [1] - The increased complexity serves to fulfill campaign promises and secure Republican votes [1]

One in ten of Britain’s non-domiciles has left as a result of tax reforms, with more to follow, claims one expert. But credible research on people ditching Fitzrovia for Florence is fiendishly hard to find https://t.co/rJsVz5bmRq ...

Tax Implications & Migration - 10% of Britain's non-domiciles have left due to tax reforms [1] - More non-domiciles are expected to leave Britain following tax reforms [1] Research Challenges - Credible research on non-domiciles leaving Britain is difficult to find [1]

Industry Overview - Gold has gained approximately 26% year to date, currently trading near $3,030 per ounce, driven by geopolitical risks and a weaker U.S. dollar [1] - The Zacks Mining - Gold industry has increased by 39.1% year to date, outperforming the Zacks Basic Materials sector's 6.4% and the S&P 500's 0.7% [2] - Robust gold demand is anticipated to continue, with central banks expected to maintain a buying streak of over 1,000 tons [8] Demand and Supply Dynamics - Gold demand reached 1,206 tons in Q1 2025, the highest quarterly total since 2016, with central banks acquiring around 244 tons [4] - Investment demand surged 170% year over year to 552 tons, marking the strongest quarter since Q1 2022, driven largely by China [5] - Global gold ETFs saw inflows of 226.5 tons, with April marking the fifth consecutive monthly increase [6] Company Highlights Newmont - Newmont solidified its position as the world's largest gold producer after integrating Newcrest assets and is focusing on Tier 1 assets [10] - The company has a strong liquidity position and is pursuing several growth projects, including Tanami Expansion 2 and Ahafo North [11] - The Zacks Consensus Estimate for Newmont's 2025 earnings indicates a year-over-year growth of 12.6% [12] Agnico Eagle Mines - Agnico Eagle maintains a strong liquidity position and is advancing several projects expected to enhance production and cash flows [13] - The Zacks Consensus Estimate for Agnico Eagle's 2025 earnings suggests a year-over-year growth of 42.2% [14] Barrick Mining - Barrick Mining is well-positioned to benefit from key growth projects, including Goldrush and Pueblo Viejo plant expansion [15] - The Zacks Consensus Estimate for Barrick Mining's 2025 earnings indicates a year-over-year growth of 34.7% [17] Kinross Gold - Kinross Gold has a strong production profile and is advancing key development projects, including Great Bear and Round Mountain Phase X [19] - The Zacks Consensus Estimate for Kinross Gold's 2025 earnings suggests a year-over-year growth of 52.2% [21] New Gold - New Gold consolidated its interest in the New Afton mine to 100%, projecting a 37% increase in gold production between 2024 and 2027 [22] - The Zacks Consensus Estimate for New Gold's 2025 earnings indicates a year-over-year growth of 91.25% [24]