Anyone racing Formula needs good, fast tacking skills, which takes practice. It's no different than any long board tack except for two issues.
1. Since the nose is short, there isn't enough floatation to stay on the nose, which means that you have to move around the mast from one side to the other with no pause in the middle.
2. If there is wave action (.5 to 1.5 meters), it can be tricky. Don't tack on the crest or back of the wave or you will fall in. Find a flat spot if possible & complete your tack before you go over the next wave crest.
It's easier than a short board tack (a lot more stable on the Formula board), but the movement is the same.
I usually stay in the back strap (front foot out near the mast) until the nose of the board goes through the wind. I guess there are lots of ways of doing this.