PushToShock,
I started a thread on this a couple of months ago - Im in the same situation (PPL(H) 90hrs, and 3 weeks inATPL studies)
I think we came to the conclusion that you cannot reclaim vat unless you are going to charge it later for your buisness. Now be carefull, suppose you set up a buisness with the intent of acting as "self employed" when working for an offshore company but then after a year find another job and no longer charge vat - the tax man might not be happy!
The other consideration we found was that if you reclaim vat at training and therefore have to charge it for employement, it could hurt your chances - the company will just reclaim what you charge them but its just hassel... in a world where chances are slim enough anyway.
I have begun my ATPL training without reclaiming - but hope this could change?
MADY