Time verge is cut (4)
I believe the answer is:
trim
'is cut' is the definition.
(I've seen this in another clue)
'time verge' is the wordplay.
'time' becomes 't' (abbreviation).
'verge' becomes 'rim' (both can mean an edge).
't'+'rim'='TRIM'
(Other definitions for trim that I've seen before include "Arrange sails to suit the weather" , "Neat and tidy as a town in Meath" , "Neat - prune" , "Cut away; decorate" , "Neat - crop" .)