I'm director of a small Ltd company (nothing to do with flying) and you need a very good understanding of what you're doing. Even if you follow rules to the letter, you can still end up with hassles from HMRC and once your head has popped up above the parapets they can be a right pain.
Make sure you get good advice from an accountant who understands how all this works - not all accountants do. The benefits in kind can quickly erode any advantages that look attractive on paper if you don't fully understand how things work.