It's too late
A very common and slightly softer way to say 'It's already late.'
Use this to say 'It got late on us' or 'We're running late,' often implying a shared situation.
Literally 'There is no more time.' Use this to emphasize that the window of opportunity has closed.
I wanted to go to the store, but it's too late now.
I'm sorry, we can't go in. The museum closed, it's already late.
Run! It got late on us to catch the bus.
We can't start the project today, there's no time left.
Both 'Es demasiado tarde' and 'Ya es tarde' are universally understood and used.
The phrase 'Se nos hizo tarde' is extremely common in daily conversation to express that time got away from you and a group of people.
While 'Es demasiado tarde' is used, 'Ya es tarde' is very frequent. You might also hear 'Se me/nos pasó la hora,' which means 'The time got away from me/us.'
The phrases are the same as in Latin America. 'Es demasiado tarde' and 'Ya es tarde' are standard.
Saying 'Es muy tarde' instead of 'Es demasiado tarde'. — 'Muy' means 'very' ('Es muy tarde' = 'It's very late'). 'Demasiado' means 'too,' implying a negative consequence or a limit that has been passed. If you missed the bus, it's 'demasiado tarde,' not just 'muy tarde'.
Using 'estar' instead of 'ser' (e.g., 'Está demasiado tarde'). — We use 'ser' ('es') to talk about time as an objective fact. 'Es la una,' 'Es tarde.' 'Estar' is for conditions or states. While it might feel like a temporary state, in Spanish, the time itself *is*, so we use 'ser'.
Translating 'late' as 'tarde' for people (e.g., 'Soy tarde'). — To say a person is late, you don't say 'Soy tarde.' You would say 'Llego tarde' (I am arriving late) or 'Voy tarde' (I am running late). 'Tarde' describes the time, not the person's state of being.