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The UK's small business community is facing annual cost increases double the rate of consumer inflation.

According to the Business Inflation Guide from More Th>n, the rate of inflation for small business fell 0.5% in the third quarter of 2008, but it is still sitting at 9.4%.

The insurer warns that margins will be squeezed by rising labour costs, which represent the largest proportion of expenditure for small businesses.

Mike Bowman, head of More Th>n Business, says: "Cost reductions are not filtering down to the small business economy as quickly as they have for consumers. Small businesses are the lifeblood of the UK economy so it's worrying to see that they are facing an inflation rate twice that of households."

But there is hope – if you are self employed or a small business owner, you can cut costs with new finance deals. Taking out a better mortgage on your home or your workspace, or even taking out a business loan can cut costs dramatically.

And there are more options than you might think are out there right now. The Government is spearheading plans to help finance small business, so the big banks in the UK are offering better, cheaper deals for self cert and self employed people.

Keep up with the latest news and comments on Self Employed Mortgages at the Self Cert Mortgage Blog