Following his triumph at the Golden Globes, the 50-year-old looks set to get another award for his critically-acclaimed performance of stammering George VI in The King's Speech.
Firth's co-stars Helena Bonham Carter and Geoffrey Rush are both up for best supporting actor awards.
Natalie Portman's ballet thriller Black Swan closely follows with 12 nods.
The Social Network, one of the movies which has been tipped to do well at the Oscars this year, managed to notch up six nominations at Britain's top film honours.
Pete Postlethwaite, who passed away a couple of weeks ago, is nominated in the best supporting actor category for The Town.
Nominations were announced today by BAFTA Chairman Tim Corrie, actress Talulah Riley and actor Dominic Cooper.
The awards ceremony is set to take place on February 13.