A missed approach procedure tells you how to get from climb out into a holding pattern or to another point from where you commence a new approach. A go around takes an aircraft from short final to climb out directly, not touching the runway. A go around can be pilot or controller initiated and is a procedure used to cancel the approach and/or landing. If you can in to Tower on either a missed approach or go around, on Infinite Flight, you will told to go around, left or right traffic. The aircraft then will be handed over to the radar controller unless they are VFR traffic or a prior arrangement has been made between controllers.
1. 6.4.4 of the Infinite Flight ATC Manual.