Here's how to get Internet Connection Sharing (ICS) to work with Virtual Router v14.5.2 build 81 on Windows 8.1.
Uncheck the checkbox labeled 'Share Internet connection from this network' in Virtual Router.
Start the hotspot.
In Windows, go to Network Connections.
Right-click on the adapter that has the internet connection you want to be shared; choose Properties.
Click on the Sharing tab.
Check the checkbox labeled 'Allow other network users to connect through this computer's Internet connection'.
From the dropdown list, choose the adapter that is shown in Network Connections as being a 'Microsoft Hosted Network Virtual Adapter' (i.e., the one that shows up in Network Connections as soon as the hotspot is started, and that disappears again as soon as
the hotspot is stopped).
Click on OK.
In Network Center, the Access Type of the network that has been created by the hotspot should automatically change from 'No internet' to 'Internet'.
You should now be able to connect your wireless devices to the hotspot without internet problems.