When the clock strikes midnight on the morning of April 6 it will be too late to put any more money into your pension, or Isa, to qualify for the 2016-17 tax year.
But some people will find the true deadline is six weeks earlier than that. Because of how some companies’ payroll systems work, a request to put extra cash into a pension provided by your employer may be rejected.
Telegraph Money has heard from employees who were told they were barred from make additional contributions through as early as March 2 – more than a month before the official deadline.
After that date you would have to pay into a workplace scheme either by cheque or via bank transfer – if the company allows it. Contributions into non-workplace pensions are normally possible right up to the deadline.
One of the major benefits of a pension is the tax relief it attracts, which is based on your income tax bracket. This means a higher-rate, or 40pc, taxpayer needs to spend only £60 to make a £100 contribution.
If you have missed your company’s cut-off point for contributions via the payroll you will often – but not always – be able to make a lump sum contribution up to April 5. This should be made “gross”, meaning that you write a cheque for the full amount you want to add to your pension, inclusive of tax relief.
Your firm’s pension or HR department will give you details on where to send the money.
However, you must claim back the relief yourself from HMRC using a receipt from your company that proves the money went into a pension and should therefore benefit from tax perks. So if you made a £1,000 contribution by cheque, you could claim back £200 if you are a basic-rate taxpayer.