Preheat the oven to 350°F. Line large baking sheets with parchment paper.

In a medium bowl, whisk together the flour, baking powder, baking soda, salt, cornstarch, and cinnamon.

In a large bowl, use an electric mixer to beat the butter, cream cheese, and sugar on medium-high speed until smooth, about 2 minutes. Add the egg and vanilla extract and beat until combined. On low speed, gradually add the flour mixture and beat until combined. Stir in the toffee bits with a rubber spatula.

Scoop out 2-tablespoon sized balls of dough and place on the prepared baking sheets. Flatten the dough slightly with the palm of your hand.

Bake for 10 to 12 minutes, or until the cookies are set and begin to brown. Let the cookies cool on the pan for 5 minutes before removing to cooling racks to cool completely. Cookies can be stored in an airtight container at room temperature for up to 3 days.