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Pete
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I've updated my Xbox live membship a few times, and each time it seemed to be slightly different. The first time I updated it with a 1 month gold card, my xbox live membership was extended. However, the 2nd time I updated my xbox live membership with a 1 year membership, I ended up losing a month from my previous membership. In other words, it did not tack on the 1 year membership to the date when my membership was supposed to run out, but instead just started the new membership at the time I registered it.
So if I were you I would wait to the last day, until you enter in a new xbox gold card subscription code, so that you don't lose any months from your current membership.
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