There’s a reason Meghan Markle and Prince Harry stepped back from royal life on Tuesday. The date marked the end of the British royal family’s financial year, according to HOLA! USA’s sister brand HELLO!. Every year around June, the palace publishes the royals’ annual report. With their decision to leave their royal roles, the Duke and Duchess of Sussex are now privately funded members of the royal family, who have permission to earn their own income.

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Danielle Stacey, HELLO! Online’s royal correspondent, said: "One of the reasons behind the Duke and Duchess of Sussex officially stepping back from their royal duties on this date, is because 31 March marks the end of the financial year for the royal family. Every year, around June, the royal household publishes its annual financial statement, the Sovereign Grant report, for the previous year. Details in the annual reports include the cost of travel, staff and property maintenance. Harry and Meghan have expressed their wishes to work to become financially independent and as they will no longer receive funding from the Sovereign Grant, it makes sense for them to depart on this particular date."

Meghan and Harry’s new revised roles, which will be reviewed after 12-months, went into effect this week. Under the terms of their agreement, Archie Harrison’s parents are no longer working members of the royal family and can no longer formally represent Queen Elizabeth. The pair said farewell on their Sussex Royal social media account Monday signing off as “Harry and Meghan,” as opposed to “Their Royal Highnesses the Duke and Duchess of Sussex.” While Harry and Meghan are retaining their HRH styles, they are no longer actively using them. The Duke and Duchess, who recently relocated from Canada to Los Angeles, have also ceased using Sussex Royal because there are specific UK government rules surrounding the use of the word “royal.”

In their lengthy goodbye post, Harry and Meghan wrote, “While you may not see us here, the work continues. Thank you to this community - for the support, the inspiration and the shared commitment to the good in the world. We look forward to reconnecting with you soon. You’ve been great!”