I am working on my own as we speak using Corel X. I just looked at what other beer labels look like and am similating those (oval, banner at the top, an image in the middle, and words below in a font).
Taking a look at places that DO labels for beer might be good so you can get ideas on how they look.
You'll also want to think of what you want on the label. Obviously the name of the beer and what words you want it to say. Make sure that you make it short and sweet. Put the brew-date on it too somewhere and (if you want to) the Alcohol % (I like to put this on it just to impress/freak my friends out... "HOW MUCH?!?!").
Personally, one of the best labels I have ever seen for a beer was just taking a paintbrush with orange paint to the bottle front, and then a black rubber stamp inking the front. It looked great.
Good luck, mate.
Current Brew: Scottish Ale
Brewed Sunday August 19th