Performing the photometric observations of the cataclysmic variable IPHAS J051814.33+294113.0, we discovered very deep eclipses. The observations were obtained over 14 nights, had a total duration of 56 hours and covered one year. The large time span, during which we observed the eclipses, allowed us to measure the orbital period in IPHAS J051814.33+294113.0 with high precision, P orb = 0.20603098 ± 0.00000025 d. The prominent parts of the eclipses lasted 0.1 ± 0.01 phases or 30 ± 3 min. The depth of the eclipses was variable in the range 1.8-2.9 mag. The average eclipse depth was equal to 2.42 ± 0.06 mag. The prominent parts of the eclipses revealed a smooth and symmetric shape. We derived the eclipse ephemeris, which, according to the precision of the orbital period, has a formal validity time of 500 years. This ephemeris can be useful for future investigations of the long-term period changes. During the latter four observational nights in 2017 January, we observed the sharp brightness decrease of IPHAS J051814.33+294113.0 by 2.3 mag. This brightness decrease imitated the end of the dwarf nova outburst. However, the long-term light curve of IPHAS J051814.33+294113.0 obtained in the course of the Catalina Sky Survey during 8 years showed no dwarf nova outbursts. From this we conclude that IPHAS J051814.33+294113.0 is a novalike variable. Moreover, the sharp brightness decrease, which we observed in IPHAS J051814.33+294113.0, suggests that this novalike variable belongs to the VY Scl-subtype. Due to very deep eclipses, IPHAS J051814.33+294113.0 is suitable to study the accretion disc structure using eclipse mapping techniques. Because this novalike vari-able has the long orbital period, it is of interest to determine the masses of the stellar components from radial velocity measurements. Then, our precise eclipse ephemeris can be useful to the phasing of spectroscopic data.