You need to download the Firmware Loader and the relevant software from
http://www.skywatcher.com/downloads.php?id=256
You need to know if your handset is V4 or V3.
You run the loader program first, then you load the software to the loader. Then you plug in the handset, remembering to hold down 0 and 8 at the same time. Then launch the update through the loader.
You MUST have a GOOD serial to USB converter - cheap cables are useless. You NEED a top quality one (some cheap serial to USB cables even have fake chipsets!).
Also, I asked Shoestring if their EQDIR cable would act as a serial/usb converter for software/firmware flashing and he said NO (sounds odd, but that is exactly what he told me)