VAT
GM - there is no issue regarding the formation of a corporate entity and making a VAT reclaim as long as you have established a trading position. i.e. you are buying things (that bit is obvious) and you are selling things (which is the bit most here don't seem to be able to grasp - and likely because they didn't do it when they were training and so it doesn't compute).
The selling of things would suggest in aviation terms that you are charging out your services as a pilot in the usual sense i.e. passenger transport or ferrying, long lining etc. However there is nothing to stop those engaged in the sporting side of aviation from charging a fee for branding on the aircraft/pilot clothing or corporate hospitality at an event in the same way other sporting personalities do.
It isn't hard to google some aerobatic pilots or helicopter competition pilots and find such branding. It is that which establishes a trading position.
As for the poster that suggested that HMRC needed to see such plan before you can register for VAT - that is utter nonsense. They do not. It would however be very normal for them to want to understand your plan should they look at your affairs - however you will have one. Which might be I was engaged in sporting aviation, liked it and thought "I'm quite good at this I'd like to continue further and gain a CPL".... Its just a simple investment in ones own skill set which enables you to earn more money and - guess what - pay VAT...
Its not hard to work out.