The movie, which tells the story of British monarch George VI as he attempted to conquer his stammer, has scored nods for Best Film and Best Director for Tom Hooper, while Firth is up for the Best Actor prize.
The movie's other stars Helena Bonham Carter, Geoffrey Rush and Guy Pearce have all scored acting nods in the Best Supporting categories.
Never Let Me Go is also set to be a big contender at the ceremony with six nominations - Carey Mulligan will compete in the Best Actress category, Keira Knightley received a Best Supporting Actress nod and Mark Romanek is up for the Best Director title.
The picture will also go head to head with The King's Speech for Best Film and Best Screenplay.
Other movies to receive nominations include Monsters, Four Lions, Another Year and Made In Dagenham.
The trophies will be handed out at a ceremony hosted by James Nesbitt in London on 5 December (10).