Hyper-V Access Denied

After reinstalling windows (now running 8.1) on my main machine and connecting to a Hyper-V server running on my server machine (Hosting Win Server 2012, etc) I encountered a problem. For some  reason it said "Access Denied. Unable to establish communication between [...]". Googling around resulted in a find of this blog post by Philip Elder. These are the steps to solve the issue:

Component Services

The information here is based on Philip Elder's article. I recreated the set of steps in this blog post to make it easier for me to find this information when needed.

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