Time for everyone to stop raving over bit of information (5)
I believe the answer is:
datum
'bit of information' is the definition.
(I've seen this in another clue)
'time for everyone to stop raving over' is the wordplay.
'time' becomes 't' (abbreviation).
'for everyone' becomes 'U' (Universal film certificate).
'to stop' indicates putting letters inside (inserted letters plug or stop a gap).
'raving' becomes 'mad' (I've seen this in another clue).
'over' says the letters should be written in reverse.
'mad' back-to-front is 'dam'.
't'+'u'='tu'
'tu' inserted into 'dam' is 'DATUM'.
(Other definitions for datum that I've seen before include "Given fact" , "Unit of dope" , "Basic fact" , "One item of information" , "Fixed starting point for measurements" .)