The most common and most likely answer to this crossword clue is the 8 letter word POSTLUDE
I've seen this crossword clue in Independent
P
O
S
T
L
U
D
E
Buddy explains!

The straight part
We know that "last item" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case last item = postlude.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does POSTLUDE mean?
POSTLUDE noun- The final part of a piece; especially music played (normally on the organ) at the end of a church service.
- A concluding passage of text or speech; an epilogue or afterword.
- To form a postlude (to); to end with a postlude.