From the question that I'm trying to solve, going backwards it seems that the answer should be $\tan^{-1}\frac{x-\frac{1}{x}}{2}$, but I have don't know how to show this is true.
Edit: One way this question is relevant is when looking at the effect of different components of a transfer function in determining the phase of the plant at a particular frequency. It is often useful to formulate this in terms of the phase of individual sections of the transfer function of the plant and then looking at the overall effect. That's how I came across this problem as I was trying to write the expression for the phase of a system with a particular transfer function in a simplified way to draw some insights. The answers have been very helpful as I can now see that these problems in general can be simplified by using the tan double angle formula.
By using $$\tan{(A-B)}=\frac{\tan{(A)}-\tan{(B)}}{1+\tan{(A)}\tan{(B)}}$$ we have that $$\tan{(\arctan{(x)}-\arctan{(\frac1x)})}=\frac{x-\frac1x}{1+x(\frac1x)}=\frac{x-\frac1x}{2}$$ So the given expression is $$\arctan{(x)}-\arctan{(\frac1x)}=\arctan{(\frac{x-\frac1x}{2})}$$