LATER

Later modifies a verb, which is why we language nerds call it an adverb. It refers to something happening after a certain time.
Let’s go to the cinema and then we can go to the pub later.
Their best known product was introduced much later.

Later is also an adjective; it modifies a noun:
I prefer his later work, especially the large paintings.
Can we discuss this at a later date?

There are a few collocations with later:
Sooner or later they will succeed.
See you later!
Later on in the film, they get married.

LATTER

Latter usually refers to the second of two persons or things. We can talk about the former and the latter.
I have listened a lot to I’m Your Man and Tower of Song and I must say I prefer the latter.
Would you like red or white wine? – The latter, please.

Latter can also refer to something being nearer the end.
The company went global in the latter part of the 1990s.
The full name of the Mormon Church is The Church of Jesus Christ of Latter-Day Saints.

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