Yes, the reverse-around-a-corner will usually be done on a fairly quiet backstreet. You'll pull up at the curb on the left a few yards in front of a side road, then be asked to reverse back into that side road, keeping the car a reasonable distance from the curb all the way round and -- of course -- giving due regard to any other cars which happen to appear during the maneuver. After straightening up from the corner, you'll continue backing in a straight line for a few more yards, trying to keep at a constant distance from the curb (or "kerb" in Brit-speak).
At least, that's how it was done 20+ years ago, and I can't see much room for changing that maneuver!