Hello, I am Keith, one of the experts on Just Answer and pleased to be able to help you with your question.
A company is an entirely separate legal entity from its shareholders and directors. A company is taxed through the Corporation Tax (CT) regime at 20% on its profits. Any salary paid to a director must be made through PAYE channels with Income Tax (IT) and NI deductions rendered. Dividends paid out are also subject to tax in the recipients hands, the first 5K being tax free. Salaries count against the company's profits for CT purposes, dividends do not.
Any of the numerous company formation traders will sell you a ready made company for immediate use and you could buy one on eBay. Once set up you must make an annual return to Companies House (CH) [cost 13 quid] and also submit accounts to HMRC and CH annually.
Those then are the absolute basics of operating a company. I do hope my reply has been of assistance.
55K @ 32.5% = a tad under 18K [17.875 actually]. Furthermore it will take your income over 100K so you will loose your personal allowance at a rate of one pound for every two quid over 100K.
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