The 'Frankenweenie' director and the 'Great Expectations' star - who have been in a relationship since 2001 - will be awarded the BFI's highest honour to recognise their extensive work in the industry, which has seen them collaborate on a number of movies including 'Sweeney Todd', 'Alice in Wonderland' and 'Planet of the Apes'.
The accolades will be handed to the pair at the 2012 Festival Awards at Banqueting House in London's Whitehall on October 20, and the couple were ''touched'' and ''bewildered'' about hearing they were to be presented with the prizes.
Tim explained: ''I feel very touched and grateful to the BFI for this tremendous honour. It means more than I can put into words to receive the BFI Fellowship and to be included alongside the great directors who have received it before me''.
Helena added: ''I am somewhat bewildered and not sure that I am deserving of such an honour as a Fellowship from the BFI, but shall accept it with deep gratitude''.
Tim's latest movie 'Frankenweenie' is to open the 56th BFI London Film Festival in partnership with American Express later this evening (10.10.12), and he admits the film was a lot ''more special'' to him because he was able to reunite with stars he's previously worked with such as Winona Ryder.
Speaking at a 'Frankenweenie' press conference in London today ahead of the festival's opening gala, he told BANG Showbiz: ''To be able to make the movie in stop-motion and black and white and 3D was an exciting prospect.
''Obviously, being able to work with all the people who I'd worked with in the past made the movie that bit more special.''
Helena's latest movie 'Great Expectations', which sees her portray eccentric jilted bride Miss Havisham, will close the festival on October 21.
Selected nominations for BFI London Film Festival Awards:
Best Film Award
'After Lucia', Michel Franco, Mexico
'End of Watch', David Ayer, USA
'EVERYDAY', Michael Winterbottom, UK
'Fill The Void', Rama Burshtein, Israel
'Ginger and Rosa', Sally Potter, UK
'In the House', François Ozon, France
'It Was The Son', Daniele Ciprì, Italy/France
'Lore', Cate Shortland, Germany/Australia/UK
'Midnight's Children', Deepa Mehta, Canada/UK
'No', Pablo Larraín, Chile/USA/Mexico
'Rust and Bone', Jacques Audiard, France/Belgium
'Seven Psychopaths', Martin Mcdonagh, USA/UK
The Grierson Award for Best Documentary
'Beware of Mr. Baker', Jay Bulger, USA/South Africa
'Canned Dreams', Katja Gauriloff, Finland
'The Central Park Five', Ken Burns, David McMahon, Sarah Burns, USA
'The Ethnographer', Ulises Rosell, Argentina
'For No Good Reason', Charlie Paul, UK
'Free Angela and All Political Prisoners', Shola Lynch, USA/France
'Les Invisibles', Sébastien Lifshitz, France
'Mea Maxima Culpa: Silence in the House of God', Alex Gibney, USA/Ireland
'The Summit', Nick Ryan, Ireland/Switzerland
'Turned Towards The Sun', Greg Olliver, UK/France/Germany
'Village at the End of the World', Sarah Gavron, UK/Denmark/Greenland
'West of Memphis', Amy Berg, USA
Best British Newcomer
'Fady Elsayed', Actor, 'MY BROTHER THE DEVIL'
'Sally EI Hosaini', Director/Screenwriter, 'MY BROTHER THE DEVIL'
'Rufus Norris', Director, 'BROKEN'
'Eloise Laurence', Actor, 'BROKEN'
'Chloe Pirrie', Actor, 'SHELL'
'Scott Graham', Director/Screenwriter, 'SHELL'
'Tom Shkolnik', Director/Screenwriter, 'THE COMEDIAN'
'Rowan Athale', Director/Screenwriter, 'WASTELAND'
This much more light-hearted sequel reinvigorates the franchise after Disney's quirky but murky 2010 reboot...
Jake has always been an ordinary boy but when he finds himself on a small...
Edward Scissorhands is no ordinary boy, as his name may tell. Created by a genius...
Tim Burton combines his sunnier filmmaking style (Big Fish) with his more deranged impulses (Dark...
Margaret is an inspirational American painter desperate to sell her unique artwork depicting women and...
With a snappy sense of childish curiosity and lavishly skilled animation, Tim Burton makes one...
Victor Frankenstein is a young fanatic of science and loves making home movies with his...
A riotous combination of rah-rah American patriotism and overwrought special effects nonsense, this cheeky bit...
In 1752, The Collins family moves from Liverpool for a new life in North America....
Victor Frankenstein is a young boy with an interest in science and home movies....
The visual inventiveness in this film is so impressive that it almost makes up for...