This is fairly specific but was difficult to find a fix for. The HP universal print driver cannot be used when installing a LaserJet 4050 that is not attached directly to your PC. The problem is down to the plug-n-play ID for the printer not being found and the driver not installing correctly. Thanks to the guys on the HP Support Forums I found a solution.
Initially I tried just installing the universal printer driver and adding a network printer (with the correct machine and printer name) but it couldn’t find the driver. I even manually selected the download folder for the driver “C:\HP Universal Print Driver\pcl5-x64-188.8.131.5234″ but it wouldn’t have it.
Next I tried adding a local printer on LPT1 (with no physical printer present) and using the same driver. This didn’t work.
The solution is to add a local printer using LPT1 then click the “Windows Update” button, wait a few minutes then select Manufacturer “HP” and Printers “HP LaserJet 4050 Series PCL 5″. This will install a working driver, which is then used automatically when you add a network printer.