Clearing an applications cache/data on iPhone 5?

I want to clear my apps data/cache cause the apps themselves aren't taking a lot of space but the data & cache are. On my android phone I'd just have to go to settings>applications>manage applications then click on whatever app & press clear data & clear cache. I'm not sure how to on the iphone

Usually you would just want to suspend/kill the app by using the "multi-task" clearer (Home button, press down on the screen until the red comes up)

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