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In the UK you have to ensure you are able to correctly calculate and manage your taxes, the regulations in other countries and in Europe vary.
If you do not pay the tax you owe this could seriously threaten your ability to continue trading and or/you could be legally punished for tax evasion.
Here is an explanation of how the tax structure works for a limited company in the UK
It is advisable to hire a part time/full time Accountant who can help with managing your accounts as well as taxes. The reason most people prefer to do this is because: