Shimano freewheel removal
The 'bolt' you can see in the picture (nice clear picture by the way, thanks,) is the outer locknut of the axle. If your tool won't go over it, you'll have to take it off. This is fairly simple: one spanner over the nut on this end and another over the nut at the other and unscrew. Either the nut comes off this end (together with spacers), in which case you got it easy, or the nut comes off the other end and you have to pull the axle through the hub. No biggie, just don't lose the bearings, keep everything clean and don't disturb the spacing at the other end - it will make sure the alignment's right when you put it back together again (with some fresh grease).