The sense of time is foundational for perception and action, yet it frequently departs significantly from physical time. In the paper we review recent progress on temporal contextual effects, multisensory temporal integration, temporal recalibration, and related computational models. We suggest that subjective time arises from minimizing prediction errors and adaptive recalibration, which can be unified in the framework of predictive coding, a framework rooted in Helmholtz's 'perception as inference'.