You can set up a Ltd for various tax and liability reasons but you may wish to find out about funding the aircraft by way of secured loans (from the share owners,) that way if there is a problem with the company you might (depending on the circumstances) end up with the aircraft. Also that way possible future members who can cover the cash flow but do not have the spare capital can borrow from the bank based on the security of the aircraft share and their own income. Not usually available for purchasing company shares. Might make resale of shares easier.
If you do go the Ltd route the secured loan thing might help with the VAT too. You would not have to include the depreciation or finance cost in the flying charge. Basically the extra VAT you end up paying is what would be the percentage on non VAt-able items when they are wrapped into the flying charge (eg, rent (if it is still VAT free in UK) and insurance etc.)
Definetily not an accountant but I did do this for something else once. Worked OK.