Cut collar (4)
I believe the answer is:
nick
I believe this clue is a double definition.
'cut' is the first definition.
(I know that cut is the is a more specific form of the action of nick.)
'collar' is the second definition.
(thesaurus)
(Other definitions for nick that I've seen before include "Take" , "cooler" , "Notch; prison" , "Thieve" , "Prison (sl.)" .)