Police said Byer, of Southall, west London, will appear at Willesden Magistrates’ Court on Friday.
Byer was arrested in the early hours of Thursday of morning.
Mr O’Halloran, originally from Co Clare, in the west of Ireland, was a passionate musician and “very popular” in Greenford, often busking for charity.
Footage on social media shows Mr O’Halloran busking to raise money for Ukraine months before the killing.
Thomas O'Halloran, 87
Metropolitan Police
Mr O’Halloran can be seen playing his accordion and smiling with a makeshift blue and yellow collection box strapped to his frame in the video posted online in June.
Sporting a cap and glasses, he finishes his performance before breaking into a grin when a spectator remarked: “Lovely.”
Mr O’Halloran is survived by his family, including his sister, two brothers, nieces and nephews.
Fine Gael senator Martin Conway said Mr O’Halloran visited Ireland regularly and that his death has left his home community in Ennistymon in “deep shock and sadness”.
He said: “Tommy, as he was known, left Ennistymon for London 71 years ago but travelled home almost every year until about 10 years ago."
Former Labour MP Stephen Pound paid tribute to Mr O’Halloran, an ex-constituent, telling GB News “Tom was a real local character” and a “sweet, lovely man”.