Preheat the oven to 180°C.
For the buttermilk, mix the milk with the lemon juice, let stand for 15 minutes.
For the cake, beat the sugar with the butter until creamy, add the eggs one by one, the vanilla essence, and beat for 7 more minutes.
With the help of a sifter, add the flour, baking powder, baking soda, salt alternating with the lemon, milk, and coconut beat for 7 minutes.
Place in two greased and floured cake pans and bake for 35 minutes, or until a cocktail stick is inserted and comes out clean. Let cool and set aside.
For the coconut frosting, beat cream cheese, coconut cream, and whipping cream for 8 minutes. Let cool, divide in two, and set aside.
On a cake base, add half of the frosting, spread it over the whole cake with a spatula.
Place the other cake base on top, cover the cake with the rest of the frosting and decorate with toasted coconut.