Close, it's 
Encode::encode($encoding_out, Encode::decode($encoding_in, $data));

[download]
Where $encoding_in and $encoding_out contain the encoding of your choice (in your case UTF8 and Latin1 (or iso-8859-1) respectively).

Edit: Also, what Corion said :)

In reply to Re: Converting UTF8 to Latin1 by Neighbour
in thread Converting UTF8 to Latin1 by sumeetgrover

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