Cut peel of squash and beetroot (5)
I believe the answer is:
shred
'cut' is the definition.
(thesaurus)
'peel of squash and beetroot' is the wordplay.
'peel of' suggests removing the centre.
'and' says to put letters next to each other.
'beetroot' becomes 'red'.
'squash' with its middle taken out is 'sh'.
'sh'+'red'='SHRED'
(Other definitions for shred that I've seen before include "Dispose of" , "Thin scrap or strip" , "Torn piece of material" , "Scrap of material" , "Small, thin scrap" .)