A survey of over 400 owners of small or medium sized enterprises (SMEs) reveals the impact of filing, sorting and paying out expenses. According to the data, UK SMEs spend an average of 13 business days per year managing expenses, a significant drain on time and resource for growing companies.

A UK personal finance survey of 1,010 workers with expense accounts reveals that two out of three aren't claiming everything owed to them, creating a black hole in personal budgets. According to Concur, these workers spend an average of £159 of their own money every month on behalf of their employer and for one in five (20 per cent) unclaimed expenses add up to as much as £270 a year. This is a similar level of savings typically made by switching utility providers, at £263* a year.

Don't do any more work on your tax return until you have read the updated Complete Guide to Tax and Expenses. It could save lots of money for anyone starting a business, working from home or running a small business.

Most of the information will be of value to you throughout the year. There is guidance on the financial advantages of different types of business (Limited Company, Partnership, Sole Trader etc).

Self-employed taxpayers are taxed purely on their profits, whether or not they take the profits and spend them or plough them back into the business. Unlike a limited company, therefore, there are fewer opportunities for tax planning, but that's not to say that tax savings are not possible. Here are some ideas:

1. 'Think Business' for Expenses.