it’s time …

You can say It’s time (for somebody) to … :

It’s time to go home. / It’s time for us to go home.

But you can also say:

It’s late.  It’s time we went home.

When we use it’s time + past (‘it’s time we went’ etc.), the meaning is present, not past:
                    It’s time they were here.  Why are they so late? (not It’s time they are here)

It’s time somebody did something = they should have already done it or started it. We often use this structure to criticise or to complain:

This situation can’t continue.  It’s time you did something about it.

He’s very selfish.  It’s time he realised that he isn’t the most important person in the world. You can also say It’s about time … :

Jack is a great talker, but it’s about time he did something instead of just talking.