Later and Latter are commonly confused words due to their similarity. However, note that there is an extra 't' in the work 'latter' and hence it is pronounced with an additional emphasis on that 't'. Both later and latter have entirely different meanings and cannot be used in the same context.
Later is an adverb.
Meanings: soon; presently; afterward; in a while; shortly.
Latter is an adjective. Meanings: second; last; concluding; final; end.
Examples of Later:
1. It is best to apologise for a mistake immediately rather than later.
2. The two friends decided to leave for the picnic later as it was still hot outside.
3. Maria realized it was later than her usual time when she left office.
Examples of Latter:
1. The latter half of the film Veer was very boring.
2. The students started yawning during the latter half of the lecture.
3. The camp leader promised the scouts that there would be a bonfire during the latter half of the evening.