Creo que la frase inglesa dice "demasiado tarde".
The original sentence in English is indeed “too late” and not “very late”
I have heard "muy tarde" to mean "too late" in Peru. Never in Spain. It might be a South-American thing, or it might just be that I was not lucky enough in Spain, but the sentence is probably correct according to me (non-native).
I never heard it in Spain either. Maybe a Spaniard can help us out?
I just looked at Spanishdict.com. Although “very late” seems to be the common translation, there are expressions in which it means “too late”. So both should be accepted probably.
I'm Spanish speaker and to me sounds good. We say it like that.