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You can run a limited company with registering for VAT.
In fact I think any business type: ltd, sole trader etc. MUST register for VAT if turnover is above a certain amount (£65k pa?)
Some companies treat you more seriously when you are a Ltd. Some affiliate networks have made noises about preferring to deal with Ltds., but to the best of my knowledge, none of them have done anything beyond making noises.
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