Brexit day: after 11pm on 31 January, revoking article 50, the formal process of exiting the EU, is no longer possible. The UK will have passed the point of no return and will no longer be a member of the EU.

Life will generally carry on the same, as the UK will enter an 11-month transition period, to allow both the government and EU to work out what the future relationship should be.

The UK will remain in the customs union and the single market, meaning trade will carry on as normal. But the UK will be outside the political institutions – it will no longer be represented in the EU council of ministers or the European parliament.

During this period, the UK must continue to obey EU rules, but will have no say in making them. EU citizens will continue to be able to travel to and work in the UK and British citizens can do the same in another member state.

The European court of justice will still have powers during the transition period so British courts can refer cases there. What role the ECJ will have following the transition period is still to be determined as part of the longer-term negotiations. But its role is likely to be limited.

[from The Guardian]

As with all of our tax tips and web pages this information is necessarily summarised and of a general nature.  If you would like detailed specific advice please contact us.