First you should be aware that it’s illegal to replace or move any of BT’s property, this includes but is not limited to;
• The Drop cable – The cable that come’s from outside to the inside.
• A junction box – If it is before the BT master socket.
• Cable before the BT master socket.
The Master socket is the "demarcation" line between your telephone equipment, wiring and BT's Exchange Line. Everything on your side of the master socket is your problem; everything on BT's side, including the Master socket itself, is BT's problem. If you move it & mess it up, BT will have to come sort it out & they will charge you. If you successfully move it to improve/add to the user-side wiring & it becomes clear and obvious at some point that you moved it yourself then BT could issue a fine and/or terminate your line.
Any internal extensions should be wired from the master in socket daisy chain, see here;
http://www.telephonesuk.co.uk/wiring_info.htm
I assume you’re not still running a modem/dial up internet connection so by internet wireless modem I assume you mean a wireless broadband hub? I’m not familiar with Sky so am unsure if the hub is within the box or a stand alone hub the Sky box connects to. Your broadband hub must always be connected to the master socket, be left switched on & permanently connected. If you connect it to an internal extension line, have incorrectly wired extension lines or keep resetting your broadband hub (by switching it off) BT’s automatic network monitoring kit (BRAS) will think there is a problem with your line & adjust the settings too a point where they will very seriously affect the broadband speed you get which in turn may affect Sky but I don’t know.
It all looks simple enough & it’s generally only 2 wires but you can quiet easily mess things up, certainly your Broadband speed.