The film they wrote and starred in The One and Only Herb McGwyer Plays Wallis Island has been nominated in the best short film category.
The 24-minute film is about a jaded folk musician played by Basden invited to perform on a remote Welsh island by a dedicated fan who won the lottery, played by Key.
Last year, the film won the UK Film Council Kodak Award for Best British Short Film at the Edinburgh International Film Festival. It was also accepted into the prestigious Raindance Film Festival.
Neither actor is a stranger to awards. Basden, pictured, won the best newcomer accolade at the if.comedy awards at last years Edinburgh Fringe; while Tim Key was part of the 2001 Cambridge Footlights team that was nominated for the same award, when it was still called the Perrier.
The Bafta film award shortlists dominated by Atonement were announced in London today. The winners will be revealed in a ceremony at the Royal Opera House on February 10.
