Preheat the oven to 325 degrees. Grease and flour a 10 inch tube pan
In a medium bowl whisk the flour, baking powder and salt to combine, set aside for later
Add the butter to the bowl of your mixer and mix until smooth. Gradually add the white and brown sugar and mix 3 to 5 minutes or until the mixture has lightened in color and is fluffy.
Add the eggs one at a time mixing, mixing after each until the yellow of the yolk is blended.
Add the 2 teaspoons vanilla extract to the 1 cup of whipping cream, set aside.
With the mixer on low speed, add the flour mixture alternately with the whipping cream to the mixture of butter, sugar and eggs. Begin and end with the dry ingredients. That will be three additions of dry and two additions of wet.
Reserve ⅓ cup of toffee bits to sprinkle on top of the cake. Fold the rest of the 8 oz bag into the cake batter.
Bake at 325 degrees for 1 hour and 5 minutes. Check your cake at about 50 minutes using a long wooden skewer or a toothpick to determine doneness. Bake until the toothpick comes out clean or with just a few crumbs attached.
Allow to cool in the pan on a wire rack for 10 minutes before turning out.
Allow the cake to cool before adding the caramel icing.