Preheat oven to 350˚F (180˚C) and grease and flour two 9-inch round cake pans.
In a medium bowl, mix the flour, mace and baking powder together – set aside.
In a small bowl, whisk together the vanilla and milk – set aside.
In a large bowl with an electric mixer, cream butter and sugar until light and fluffy.
Add the eggs – one at a time and beat until incorporated.
Alternate between adding some of the flour mixture and some of the milk mixture, beating on low until combined.
Pour batter evenly into cake pans.
Bake for 30 – 35 minutes or until cakes are golden and centers spring back when touched.
Cool for 5 minutes and remove from pans.
In a large bowl with an electric mixer, beat together the butter, cream cheese and vanilla.
Slowly add the powdered sugar until completely incorporated.
Spread frosting over the first layer of cake at a medium thickness.
Place the second layer of cake on top of the frosting layer.
Fill the space between the layer sides with frosting.
Continue frosting the cake until completely covered.