Not a big problem, you'll need to remove the tap and make the hole large enough
that you can slip a couple of pieces of plaster board in behind the existing sheet,
on each side of the tap fitting to cover the hole. The pieces need to be bigger than
the hole so that their is overlap, this is called back blocking.
You then use cornice cement to glue the pieces in, ie screw a plaster screw into the
patch piece so that you can hold it, butter the edges of patch with cornice cement
and then insert it through the hole in the wall turn it around and pull it up against
the wall sheet to spread out the cement but leave a couple of mills depth for the cement
that will be used in the next step. If the patch piece is not to big it may just hang there
till the cement dries, if not then you'll need to support it till it does.
Once the back block is dry, cut another piece of plaster board that will just fit in the hole
and glue it in with cornice cement, when dry skim coat the area, you could tape the joins
before skim coating but I have never had any cracking occur for a small area that has
been back blocked.