Hi Ozzy,
Nitrate at 40ppm is fine unless you are keeping species with a particular nitrate intolerance. What fish do you have?
The best thing to do with nitrate is to keep it as close as possible to the level from your tap water. 40ppm is fine (subject to the above) so long as it isn't a massive increase from the level in the tap water (assuming you are using tap water?).
Nitrate levels in tap water varies substantially even within the UK, with some Londoners reporting around 80ppm and then there is me with my soft Scottish water reporting nitrate being virtually undetectable.
There have also been studies suggesting that only the most sensitive of fish would be intolerant of anything below 100ppm on a long-term basis, and some fish have been shown to have no intolerance until levels reach 1000ppm.
Anyway, I digress, for my purposes and yours, keeping it as close as possible to the level in the tap water is the best bet. If you do have particularly sensitive fish, it may be best to employ a De-ioniser or RO unit to purify your water, and remove some of the nitrate.
Cheers
BTT