If this is nix box then there are plenty of tutorials out there for the basics. But Debian, *NMP stack (so Nginx, MySQL and PHP), Dropbear for SSH (lightweight alternative; use certificates, disable SSH root access, don't use standard SSH port), Fail2Ban (you've got the resources for it) and 'harden' the firewall (open minimal ports, restrict ports to IP ranges where possible like SSH etc) would be my starting point. Then everything else you need on top.
Obviously you need to sort a backup solution as you're well and truly up **** creek if the box gets compromised or decides to go belly up.
£31.32 inc vat per month for a completely customisable dedicated server, with 2 cores, 8GB RAM, 160GB storage and 10TB bandwidth lol. Put's TSO's virtual server at £45 per month to shame!
It simply isn't as black and white as that and wholly depends on the situation. And again, you're attempting to compare a managed service with an unmanaged service
And £31.32 is pretty average; could have got something with better specs from OVH cheaper and cheaper still if you went with a LEB provider.