The UK Government have today announced that from next Monday 1st December VAT will be reduced to 15%. As far as I can tell being a somewhat inexpert user there are only three default settings for VAT and a new one will have to be created at 15% unless anyone has a workaround??

Until an update is released you can add the 15% VAT rate in the Preferences. Just go to the Taxes pane and click the + button to add a new rate.

Many thanks Ralfy, in fact I discover you can simply go to preferences and change the 17.5% to
15%