It's possible to knock out the guts of the standard cat. This shouldn't cause problems at MOT time as it looks like the cat is present.
If you have the standard rear box. There's no noticeable increase in exhaust noise.
If you have a straight through back box like some of us on here. Then removing the cat's guts can increase noise slightly. Thankfully the turbocharger removes most of the energy out of the exhaust, so noise isn't excessive.