Soften cream cheese and combine cream cheese, powdered sugar, and vanilla. Mix until fully combined. I just used a silicone spatula, no need for a hand mixer.

Spread cream cheese mixture into a 9" pie plate.

Heat up store bought caramel sauce for about 20 seconds in microwave so it spreads easily. Spread a layer on top of the cream cheese mixture.

Sprinkle toffee bits on top of caramel sauce. You could add other toppings here (chocolate chips, butterscotch chips, chopped peanuts, chopped pecans, etc). I just stuck with toffee chips (find in the baking aisle).

Chill in fridge until ready to serve! You won't need to worry about leftovers because there won't be any!