Here's a breakdown of the phrase:
* Se: This is a reflexive pronoun that indicates that the action is happening to something, in this case, the time.
* está: This is the present participle of the verb "estar," meaning "to be."
* haciendo: This is the present participle of the verb "hacer," meaning "to do" or "to make."
* tarde: This means "late."
Therefore, the entire phrase "Se está haciendo tarde" literally means "It is being made late," but in English, we would say "It's getting late."