When it comes to makeup "natural" and "neutral" are two classifications that I hear frequently. Although the terms can tie in together and describe a similar look, that is not always the case. Natural makeup defines a look that is essentially nude. Think "no makeup makeup," or "second skin makeup." The color palette includes flesh tones, or colors you would naturally find in the skin without any makeup applied. Focus on highlighting and perfecting the skin to give it a "fresh faced" look.
By definition neutral means "no color." A neutral makeup look could include muted shades of grey, earth tones, flesh tones, and shades from light to dark. Textures can be anything from matte to metallic. Neutral makeup doesn't necessarily need to be soft or light.
My attempt at keeping up with the times...