Margaret Hilda edging away: time for axe (7)

I believe the answer is:

hatchet

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'axe' is the definition.
(hatchet is a kind of axe)

'margaret hilda edging away time' is the wordplay.
'margaret hilda' becomes 'hatch' (I can't justify this - if you can you should believe this answer much more).
'edging away' indicates the central letters.
'time' becomes 'yuletide' (I have seen 'Present time' mean 'yuletide' so perhaps 'time' could also mean 'yuletide').
The centre of 'yuletide' is 'et'.
'hatch'+'et'='HATCHET'

'for' is the link.

Can you help me to learn more?

(Other definitions for hatchet that I've seen before include "Short-handled axe" , "Make the peace - bury the . . . . . . ." , "cutter" , "Bury this to make friends again" , "Hand-held chopping instrument" .)

I've seen this clue in The Sun.

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