Preheat oven to 350°F (175°C). Grease two 8-inch cake pans with butter or nonstick spray. Sift the extra 1 tablespoon of cocoa powder over the greased pans to dust them.
In a large bowl, cream 1/2 cup unsalted butter (room temperature) and 1 1/2 cups caster sugar until light in color and fluffy.
Add 2 large eggs one at a time, beating well after each addition until fully incorporated.
In a small bowl, whisk together 1/4 cup cooking oil, 1 tablespoon unsweetened cocoa powder, 2 1/2 tablespoons red food colouring (liquid), and 2 teaspoons pure vanilla extract until smooth. Stir in 1 tablespoon white vinegar.
Add the color/oil/vinegar mixture to the creamed butter, sugar, and eggs and beat until combined.
Sift together 2 1/2 cups plain cake flour, 1 teaspoon baking soda, and 1 teaspoon salt.
With the mixer on low, add half of the dry ingredients to the wet mixture and mix until just combined. Add half of the 1 cup buttermilk and mix until just combined. Repeat with the remaining dry ingredients and the remaining buttermilk, mixing until the batter is smooth but not overmixed.
Divide the batter evenly between the two prepared pans and smooth the tops.
Bake for 25–30 minutes, or until a toothpick inserted into the center comes out clean.
Let the cakes cool in their pans for 10 minutes. Run a knife around the edges, invert the cakes onto a wire rack, remove the pans, and cool the cakes completely.
While the cakes cool, make the frosting: beat 14 ounces cream cheese (room temperature), 1/2 cup unsalted butter (room temperature), and 2 teaspoons pure vanilla extract until smooth and slightly lighter in color, about 3–4 minutes.
Gradually beat in 4 cups icing sugar until the frosting is light and fluffy. If the frosting is too thin, add a little more icing sugar and beat until you reach the desired consistency. If using, beat in 1 tablespoon lemon juice.
If the cake tops are domed, level them with a serrated knife and reserve the trimmed pieces for decoration.
Place one cake layer on a serving plate with the flat side down. Spoon about 1 1/2 to 2 cups of frosting onto that layer and spread evenly.
Place the second cake layer on top (flat side down) and use the remaining frosting to cover the top and sides of the cake.
Press the reserved cake crumbs into the sides or scatter them on top to decorate, if desired. Enjoy.