How bad are we talking? Approach will be different if you are constantly at 40N and 1.0P than they would be if you were at 4N and .1P. Also, set a target.
First thing to do:
Watch what you feed. Rinse frozen food to keep the juices out. Try and feed some pellets since they are typically clean. Lots of people can cut their nutrient levels in half by feeding more pellets and washing their mysis.
Stop feeding your coral - they don't need it. Really, they don't need it. Even if some coral happen to catch some food, the waste is huge.
Somewhat Natural:
Fuge with macro/coral export. Mushrooms, xenia, colt coral, fast growing zoas can be just as effective as macro algae.
Skim More
Water changes
Not so Natural:
Organic Carbon. Dose a liquid (dosing pump or by-hand) or use bio pellets (reactor). Both can work. Sugar water is cheap, easy and pure. Vodka, ethanol, vinegar all do the same thing.
Filter socks and poly filter - needs to be changed VERY regularly or they turn into bio filters in the same vein as bio-balls.
Lastly, don't do ANY of this too fast. Taking 30-60 days to lower the N and P is smart.