Hi and welcome to Knitting Help!
If your pattern doesn't specifically tell you to keep the ball of yarn attached, go ahead and cut the yarn leaving about a 6inch tail to weave in later. That's the most common way to deal with the held stitches. Later in the pattern there'll be instructions for finishing or for adding a collar that will tell you what to do with the held stitches for the back.
Can you link to the pattern or give us a pattern name?
Thanks Salmon, I quite liked the bow too but not sure if it's me! I did like the fitted waist though I think may have knitted it one size too large, too early to say. However, am enjoying my knitting my first large garment and it's easier than I thought.