It's cut after, for toast (6)
I believe the answer is:
prosit
'toast' is the definition.
(I've seen this before)
'it's cut after for' is the wordplay.
'cut' indicates an anagram.
'after' means one lot of letters go next to another.
'for' becomes 'pro' (I've seen this before).
'its' anagrammed gives 'sit'.
'sit' after 'pro' is 'PROSIT'.
(Other definitions for prosit that I've seen before include "A German toast - good health" , "Happy days, perhaps" , "All the best" , "Drinking call, good health to you" , "down the hatch" .)