Hi Ben,
Flash TWRP
Put the latest update on your your device internal storage (not SD card)
Go into TWRP and install the update
Clear Cache / Dalvik
Reboot
Pretty simple and you will have no data loss.
I don't think there is one at the moment. The one you can download there http://en.miui.com/download-274.html is the chinese version (see the CN in the name).