Let me answer it in this way. <- natural
Allow me to answer it in this way. <- natural, but a little more formal (slight difference in construction)
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Let me ...
Allow me to ...
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Let the mouse go. <-- natural
Allow the mouse to go. <--not so natural. Why? Sounds super formal
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I'll take the rest of the day off if you will allow it. <-- slight differences in usage. (more formal)
I'll take the rest of the day off if you will me to. <-- slight differences in usage. (more formal, less natural)
I'll take the rest of the day off if you will let me. <-- slight differences in usage.
..
Let it be.
Allow it to be. <-- not the same, well, ring to it.
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Pretty much identical.
The room is empty, let's let it out. <-- can't use "allow" here :(
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I suspect "allow" sounds more formal, mostly because it is less used. So which comes first, the formality, or the less common, I don't know.
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Guy opens door for lady, saying "Allow me". <- formal
Guy opens door for lady, saying "Let me". <- not so natural
Let me help you with that.
Allow me to help you with that.