It might be six days after the Budget but the small print takes a while to sink in. NIGEL JARRETT summarises business reaction, with a little help from musical tax consultant Steve Theaker, pictured.

YOU had to smile. Steve Theaker was the man with a message to the accompaniment of a small guitar the morning after Budget day.

The tax consultancy partner of Peacheys Chartered Accountants introduced an impeccably streamlined review of what the Chancellor had been up to with a song about the vagaries of tax assessment.

It was penned, according to the man himself, in "a Little Chef at Dolgellau".

The assembly of minds gathered at Peacheys' budget breakfast at the Celtic Manor Golf Club boggled communally at the revelation.

But not at Mr Theaker's sagacious view, which followed the musical opening, of how the budget would affect business. This was prefaced with the observation that Gordon Brown's speech was founded on a good deal of self-congratulation.

His view that, in at least one sector, the Chancellor had offered relief only to apply sanctions in another form, will by now have been appreciated by the businesspeople present on Thursday.

One of the most notable points Mr Theaker made was that the hike in National Insurance was intended to raise cash for the ailing NHS, one of the UK's biggest employers, which itself would bear a huge burden of NI rises.

What Mr Theaker called "the important issues" - 14p off a pint of beer from small breweries in time for the World Cup and new rules on taxing bingo - were quickly dealt with. Important for national tabloid newspapers, no doubt.

Peacheys delivered a budget summary hot off the presses, and it offered a few tax tips: l Draw a high salary from your company for one year in six to create high earnings for pension purposes, then save tax and NIC by taking most of your remuneration as dividends in the other five years;

Make your spouse a sleeping partner in your business, split the profits between you and save tax at your highest rate. Save NI, too, as sleeping partners do not pay Class 2 or 4 NIC;

If you are over 50 and plan to sell your business, complete the deal before April 6, 2003, to get retirement relief on the gain;

When you collect your company car, remember to pay for any fuel already in the tank. If you drive home using free fuel you will be taxed on a full year's scale charge for private fuel - up to £4,200;

If you have an IR35 deemed salary for 2001-02 don't pay it out as a bonus because you will be taxed twice. Pay it out as a dividend.