HMS Victory perhaps signals with it (8)
I believe the answer is:
flagship
'hms victory' is the definition.
Although both the answer and definition are singular nouns, I don't see how one could define the other.
'signals with it' is the wordplay.
'signals' becomes 'flags' (flag is a kind of signal).
'with it' becomes 'hip' (I've seen this in another clue).
'flags'+'hip'='FLAGSHIP'
'perhaps' acts as a link.
Can you help me to learn more?
(Other definitions for flagship that I've seen before include "Best of its kind; admiral's craft" , "It carries the commander of the fleet" , "Something of the greatest importance (to an admiral?)" , "Admiral's vessel" , "Pre-eminent product" .)