Starting a views list from the nth element I have two views blocks. One displays the latest news item. I would like the other block to list 4 next latest news items starting from the second latest (as I have already displayed the first one).

Can I achieve this via the view's admin interface?
Yes you can, Under pager settings, offset first four items. Click on the number of items to get this option 



and on the page option settings change the offset.