Hi Phil
Unfortunately there is no quick questions when it comes to vdp applications.
Perhaps i can give you a few pointers though. For one, the vdp will not reduce your tax liability, only any possible interst and penalties. In order to qualify to apply for the vdp you must be certain that the offence would result in a non-disclosure penalty.
In your case, as you only started trading in the beginning of the 2012 tax year, depending in your start ups costs, you might not be liable for any penalties as it is possible you were not required to make any provosional tax payments.
As for paying tax from cent one, that is depending on whether you traded as a sole proprietor or as a personal services company.
Why don't you drop me an email and i can call you and give you a little more info. Perhaps you are also not taking into account other allowable deductions like depreciation and home office that can help reduce your taxable income.
Kind regards,
Matthew