fromEnglish Grammar Today
We can use the expressionit’s time+ subject + past verb form to refer to the present moment:
Gosh! It’s almost midnight.It’s time we wenthome.
Not:It’s time we go home.
It’s timewith a verb in theto-infinitive form can refer to the speaker and the listener together:
Come on.It’s time to startpacking. We have to leave in two hours.(orIt’s time westartedpacking.)