Hey
I am using P4 with Helix Cloud and have a Depot & Workspace set up.
However, I get the errors shown in the screenshot.
Can someone please help me asap?
Thank you 
Same problem here.
You need to download Perforce Client, from their website, create a Workspace with that tool and then UE4 will work with your repo. This helped me Impromptu Studios - Connect to Perforce Server - YouTube.
You could leave the Host field empty.