Tip beer when carrying round (5)
I believe the answer is:
point
'tip' is the definition.
(both can mean the end of something)
'beer when carrying round' is the wordplay.
'beer' becomes 'pint' (beer is typically served by the pint).
'when carrying' means one lot of letters goes inside another.
'round' becomes 'o' (o is a circular letter).
'pint' enclosing 'o' is 'POINT'.
(Other definitions for point that I've seen before include "Narrow headland" , "Aim; sharp end" , "sharp end of tool" , "Any of thirty-two directions" , "Sharp or tapering end" .)