In nearly all circumstances, date and time are needed together. Both Access and SQL server have a date/time data type. In Access, even if you specify the format as time, you can show a date. This is because all datetime data is stored as a number, and time is the decimal portion:
Say I store data: 10:31:46, I can type lines in the immediate window that illustrate the storage of datetime, like so:
?CDec(DlookUp("TimeFormattedField", "Test"))
0.438726851851852
?Year(DlookUp("TimeFormattedField", "Test"))
1899
?Format(dlookup("F4", "Table2"),"dd/mm/yyyy")
30/12/1899
This is because zero (0) is a valid date.
It is very easy to get the different portions of a datetime field, so store datetime as a single fields, because that is what you are going to get, anyway.