Crossword Genius

The present time? (8)

Ross

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'the present time?' is the definition.
(I've seen this before)

'present time?' is the wordplay.
'present' becomes 'yule' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'time?' becomes 'tide' (suffix meaning time eg Yuletide).
'yule'+'tide'='YULETIDE'

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(Other definitions for yuletide that I've seen before include "Old word for the Christmas festival - a log is named after it" , "festive period" , "time for feast" , "in depths of winter" , "Christmastime" .)

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