I'm not qualified to give such advise, however, this is IMHO...
1) The aircraft must be owned by a company. I doesn't provide 100% protection to the directors but helps a lot when the sh*t hits the fan.
2) Every limited company must produce accounts, therefore, expect to employ an accountant. You may find one who is willing to barter flying for accounts (since most enjoy expensive hobbies!). Over a certain threshold expect audits which will cost in the region of 2-3k.
3) The company should be able to reclaim VAT if it charges VAT to renters (which over a threshold it must do so).
4) Running from a home address shouldn't matter too much. You're supposed to apply to the local government to run a business from a residential premises (in this country)...but it rarely happens to say the least!
5) Probably better you setup your own company incase there are any pending lawsuits (that haven't been filed). There are quite a few problems inheriting a company...all liabilities as well. Problems such as credit rating and reputation could cause problems with suppliers (but unlikely).
6) When you open a company, you should be able to inject money into it under "director's loan" or such tax-free. Again, I'm not UK based so the laws may be different.
7) Buying a shelf company for £2-300 is probably your best bet, then just find a good accountant and you should be on your way. Also, beware that if you are the only director and seen to be "too heavily" involved in the company, a courtcase may be taken against yourself and the company jointly (I'm not a lawyer, don't quote me - but have done it myself
.
p.s. company should be able to cover the costs of your instructor (err. very unoffical - definitly don't quote!!) opposed to you paying out of your pocket.