Yes, I had one in the shed and had to get rid of it. There are a few options. Knock it down and run. Hold a plastic bag over it and knock it off. take the bag somewhere safe and release the nest or if its in a confined space like a shed then smoke the wasp out. However if yours is not causing any problems or concerns then let nature take its course.

Love the "hit and run" advice Barry lol The thing is, its not causing too much of a problem... yet! Just worried if they can get any bigger

Had to deal with one last night, in one of the unused bird boxes outside the kitchen window. I use an aerosol spray (bought from a D.I.Y store) and have got rid of a few nests this way, when they are in places where they would cause problems (Wife is rather allergic to the sting). Good instructions on the can.
As said up to about September they are gardener's friends, eating aphids etc. After that they become irritable and unpleasant.
The nest will get bigger as the season goes on and more and more wasps are born. The biggest nest we have had was over a metre across. I used a flame gun on that one.

Good Lord! I didn't realise they got that big.. Thank you both for your advice, I think it will have to go....

Only deal with it in the evening or you will be asking for trouble, they give chase if you annoy them, I did this once and they chased me up the garden stinging me through my clothes, ouch ! Wasps are brilliant in the garden they are natures hoovers but must be left to their own devices. Take care.

I had a wasp's nest over my front door at my last house. I panicked and ran to the local Beekeeper for ad vice. His answer was: You have a back door, don't you? I left the wasps to their own device and when winter came, the nest was empty. I cut it down and gave it to my grandson to take to school. It was about 12 inches across....a beautiful construction.

You could contact your local council.
I think they will take care of it for free.

its an expert job.Wasps are dangerous in summer,as said its your local council or pest controller.Bees on the other hand are protected and your local authority should have the help to professionally remove,without harming the bees.Wasp nests(check this though)I believe are dormant in winter and can easily be destroyed then